Highlights
• Strong operational performance
◦ Market outperformance - volume growth at 2.4%(2)
◦ Volume growth in all regions through FMCG and e-commerce focus
◦ Continued success of US operations
• Strong financial performance
◦ Record return on sales and upgrade of medium-term target to 10 - 12%
◦ Organic adjusted operating profit growth(8) of 9%
◦ Profit before tax up 35%
◦ Free cash flow up 84%
◦ Robust balance sheet - pro-forma net debt/EBITDA(9) <2.0X
• Strategic delivery
• Strategic delivery
◦ Acquisition of Europac - upgrade to synergies from €50m to €70m
◦ Sale of plastics division agreed
Miles Roberts, Group Chief Executive, commented:
"This strong set of results from DS Smith demonstrates the company's growing scale and strategic progress in key markets. We are continuing to gain market share throughout Europe, particularly among more resilient FMCG customers, and our US business is performing well following our recent acquisition there.
And later;
Dividend
The proposed final dividend is 11.0 pence (2017/18: 9.8 pence), which will be paid on 1 November 2019 to ordinary shareholders on the register at close of business on 4 October 2019. As at 30 April 2019, the Company had distributable reserves of £1,469 million (30 April 2018: £1,651 million).
https://www.investegate.co.uk/smith--ds ... 00090343C/
