Britain’s DS Smith sees annual performance ahead of expectations

(Reuters) -British cardboard maker DS Smith on Monday forecast overall annual performance to be ahead of its expectations, helped by strong revenue growth and cost-cuts.

The London-based company, which provides packaging, paper and recycling services, has seen its volumes fall after a fruitful 2022 fiscal year where it tapped growing demand for recyclable boxes and benefited from a boom in online shopping.

On Monday, the company said year-to-date trading continued well, driven by pricing momentum and good cost control, although like-for-like corrugated box volumes fell slightly.

“While the macro-economic outlook remains uncertain, the performance this year is ahead of our previous expectations and we look forward to the remainder of the year with confidence,” said Chief Executive Officer Miles Roberts in a statement.

DS Smith also said it expects adjusted operating profit of at least 400 million pounds ($443 million) for the half year to Oct. 31. It had earned 276 million pounds a year earlier.

($1 = 0.9030 pounds)

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Savio D’Souza and Uttaresh.V)