- Packaging company DS Smith said it experienced growth in like-for-like corrugated box volumes in the second half of its financial year.

'Trading continues to progress well despite macro-economic uncertainty, the company said in a third-quarter trading update.

DS Smith said it notched a 'good' performance in Iberia, Eastern Europe and the UK.

Countries with exposure to export led markets, however, including Germany, continued to remain subdued, it added.

'In our North American business, we are very pleased with initial customer reaction and operational progress from our new box plant in Indiana, which opened in November 2019,' DS Smith said.

The domestic US business remained 'robust', though DS Smith said the negative impact of lower US paper export prices remained ongoing, due to reduced demand from China.

'However, our increasing packaging capacity at the new site will progressively reduce our exposure to this market,' it added.

'We have continued to focus on pricing, costs and cash, with limited box price erosion testament to our resilient business model and strong customer offering.'

'We expect to deliver a margin in the full year in line with that achieved in the first half.'

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