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Smith(DS) PLC (SMDS)

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pje16
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Re: Smith(DS) PLC (SMDS)

#440261

Postby pje16 » September 7th, 2021, 11:32 am

They have indeed
Image
Source: screen grab from Interactive Investor

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Re: Smith(DS) PLC (SMDS)

#453772

Postby daveh » October 28th, 2021, 8:29 am

pre close trading statement:
https://www.investegate.co.uk/smith--ds ... 00024971Q/

DS Smith Plc ("DS Smith") today issues a pre-close trading update in respect of the half year ending 31 October 2021.

Miles Roberts, Group Chief Executive, said:

"I am pleased with our progress in the first half of the financial year with the trends and momentum described in our AGM statement on 7 September 2021 continuing. Overall financial performance remains in line with our expectations with very positive box volume growth, good cost recovery through increasing pricing and an enhanced performance from our US business all combining to more than offset significant input cost increases.


Strong cash generation

Cash generation remains strong, driven by enhanced profitability and good working capital management. The net debt/EBITDA ratio is expected to be in line with our medium-term target of approximately 2.0x at 31 October 2021. We recently completed the €50m sale of our non-core De Hoop paper mill; the proceeds will contribute towards the investment in our previously announced additional packaging manufacturing sites in Italy and Poland. Progress in construction remains on track with our original plans with operations due to start in Q4 of this financial year. Customer reaction to these new state of the art facilities has been excellent with more than 50% of their capacity already pre-sold.

Forthcoming Dates

Results for the half year to 31 October 2021

9 December 2021


idpickering
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Re: Smith(DS) PLC (SMDS)

#464410

Postby idpickering » December 9th, 2021, 7:11 am

Half-year Report

Highlights

· Record corrugated box volume growth of 9.4% vs H1 2020/21; 8.8% (2) LTM

· Strong pricing mitigating significant input cost pressures

· Good US momentum; +64% adjusted operating profit growth

· Good free cash flow of £188m driving leverage to 1.9x net debt/EBITDA

· Continued leadership in the circular economy and sustainability

· Investing for growth with innovation and increasing packaging capacity

And later;

Dividend

The Board considers the dividend to be an important component of shareholder returns. As first set out in December 2010, our policy is that dividends will be progressive and, in the medium term, dividend cover should be on average 2.0x to 2.5x through the cycle. In considering future dividends the Board will continue to be mindful of the Group's earnings growth potential, future expansion and leverage.

The Board declares an interim dividend of 4.8 pence per share in light of the strong business performance, building on the robust position of the second half of the previous year. The dividend will be paid on 3 May 2022 to ordinary shareholders on the register at close of business on 8 April 2022.



https://www.investegate.co.uk/smith--ds ... 00040480V/

tjh290633
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Re: Smith(DS) PLC (SMDS)

#464444

Postby tjh290633 » December 9th, 2021, 9:45 am

Also in https://www.investegate.co.uk/smith--ds ... 00040480V/

6 months to 31 October 2021                      Change                 Change 
Continuing operations (reported) (constant currency)
------------------------------ ---------- ------------ ---------------------
Revenue GBP3,362m +16% +22%
Adjusted operating profit(1) GBP276m +20% +26%
Profit before tax GBP175m +80% +88%
Adjusted basic EPS(1) 13.7p +27% +33%
Statutory basic EPS 9.8p +81% +92%
Interim dividend per share 4.8p +20% +20%
Return on sales(4) 8.2% +20bps +30bps
ROACE(5) 9.4% +70bps +60bps

and later:

Dividend

The Board considers the dividend to be a very important component of shareholder returns. Today, we are announcing an interim dividend for this year of 4.8 pence per share, an increase of 20 per cent and consistent with our policy of 2.0-2.5 times dividend cover.

I am happy with a 20% increase.

TJH

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Re: Smith(DS) PLC (SMDS)

#465026

Postby 77ss » December 11th, 2021, 3:31 pm

idpickering wrote:Half-year Report

.....
The Board declares an interim dividend of 4.8 pence per share in light of the strong business performance, building on the robust position of the second half of the previous year. The dividend will be paid on 3 May 2022 to ordinary shareholders on the register at close of business on 8 April 2022.



https://www.investegate.co.uk/smith--ds ... 00040480V/


Still behind pre-pandemic levels.

Rightly or wrongly, I have lost confidence in this company. A modest holding anyway - and it has been on the naughty step for a bit.

Now dumped and redeployed into ITs. Topping up BRWM and BNKR.

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Re: Smith(DS) PLC (SMDS)

#465029

Postby Arborbridge » December 11th, 2021, 4:17 pm

tjh290633 wrote:Also in https://www.investegate.co.uk/smith--ds ... 00040480V/

6 months to 31 October 2021                      Change                 Change 
Continuing operations (reported) (constant currency)
------------------------------ ---------- ------------ ---------------------
Revenue GBP3,362m +16% +22%
Adjusted operating profit(1) GBP276m +20% +26%
Profit before tax GBP175m +80% +88%
Adjusted basic EPS(1) 13.7p +27% +33%
Statutory basic EPS 9.8p +81% +92%
Interim dividend per share 4.8p +20% +20%
Return on sales(4) 8.2% +20bps +30bps
ROACE(5) 9.4% +70bps +60bps

and later:

Dividend

The Board considers the dividend to be a very important component of shareholder returns. Today, we are announcing an interim dividend for this year of 4.8 pence per share, an increase of 20 per cent and consistent with our policy of 2.0-2.5 times dividend cover.

I am happy with a 20% increase.

TJH


Even bearing in mind the 20% increase is no increase over the medium term, unlike 77ss, I am happy to hold on.
There's something to be said for a company which is showing prudence rather than paying out dividends from borrowings as some have. However, I quite empathise with giving up and putting cash into ITs - if one cannot do better than a professional manager in one's choices, one may as well let the professionals have the capital to look after.

Arb.

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Re: Smith(DS) PLC (SMDS)

#465223

Postby kempiejon » December 12th, 2021, 11:58 am

Arborbridge wrote:Even bearing in mind the 20% increase is no increase over the medium term, unlike 77ss, I am happy to hold on.
There's something to be said for a company which is showing prudence rather than paying out dividends from borrowings as some have. However, I quite empathise with giving up and putting cash into ITs - if one cannot do better than a professional manager in one's choices, one may as well let the professionals have the capital to look after.

Arb.


Yup, me too, happy to hold. Following the banking hiccup Smiths cut the dividend from 5.64p in 2008 to 2.82p in 2009, around that time it looks like the sp halved too. By 2012 the dividend was 5.51p and over 7p the following year and the sp was touching new highs. I've had SMDS for such a long time now that dividends received exceeded my average purchase price some years back and my holding is worth about 3 times what I paid for it.

idpickering
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Re: Smith(DS) PLC (SMDS)

#474629

Postby idpickering » January 20th, 2022, 7:14 am

DS Smith Investor Seminar notification

Investor Seminar - Sustainability accelerating growth

DS Smith will today be hosting a seminar for financial analysts and investors, starting at 3.00pm (UK).

The virtual event will be introduced by Miles Roberts, CEO of DS Smith, and comprise presentations from a number of the management team including our Heads of Design and Sustainability .

The presentation will cover our views on "Sustainability accelerating growth", together with a deeper dive into the evolving trends in sustainable packaging and plastic replacement. We will also focus on our leading and differentiated customer offering, which positions us well to benefit from these trends.

Reinforcing the importance we place on sustainability, DS Smith is also today announcing its commitment to align its global operations to a 1.5°C scenario as set out in the Paris Climate Agreement and aligned with the Science Based Target Initiative as well as to net zero CO2 emissions by 2050. To achieve this, DS Smith is committing to reducing its Scope 1, 2 and 3 Green House Gas (GHG) emissions by 46% on an absolute basis by 2030, compared to 2019 levels. Further details can be found at: https://www.dssmith.com/media/newsroom/ ... commitment

Since DS Smith issued its half year results on 9 December 2021, Group performance has remained in line with our expectations of delivering a significant improvement in profitability during the second half of this year and towards our medium-term targets.

The event will be via live webcast, with the link for registering available at: https://www.dssmith.com/investors/resul ... ing-growth . The webcast will also be available for replay. The slide deck will be made available on our website at the start of the event.


https://www.investegate.co.uk/smith--ds ... 00080166Z/

idpickering
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Re: Smith(DS) PLC (SMDS)

#474632

Postby idpickering » January 20th, 2022, 7:24 am

DS Smith Carbon commitment

DS Smith accelerates carbon reduction plans with 1.5°C temperature alignment commitment

London, 20 January 2022: DS Smith, the FTSE 100 leading sustainable packaging company, today announces its ambitious commitment to align its global operations to a 1.5°C scenario as set out in the Paris Climate Agreement. The roadmap to 1.5°C has been submitted for verification by the Science Based Targets initiative (SBTi)*.

To achieve this, DS Smith is accelerating the reduction of carbon emissions for its own operations, as well as those of its partners and suppliers, by committing to reducing its Scope 1, 2 and 3 Green House Gas (GHG) emissions by 46% on an absolute basis by 2030, compared to 2019 levels. These targets will keep DS Smith, which is a member of the UN's Race to Zero initiative, in line with its prior commitment to reach Net Zero** carbon emissions by 2050.


https://www.investegate.co.uk/smith--ds ... 00080161Z/

idpickering
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Re: Smith(DS) PLC (SMDS)

#485510

Postby idpickering » March 10th, 2022, 7:06 am

Q3 trading statement

DS Smith Plc ("DS Smith"), today issues a trading update in respect of the period since 1 November 2021.

Continued momentum; trading in line with management expectations

· We have seen continued momentum during H2 with good progress in profitability and cash generation.

· Volume growth and continuing packaging price increases have more than offset ongoing input cost increases with overall trading in line with our expectations.

Good box volume growth driven by FMCG customers

· Continued like-for-like volume growth despite very strong comparatives and some localised Omicron-driven absences within DS Smith and our customers.

· Above average growth with our larger customers and good momentum behind more sustainable packaging solutions.

· Within Europe, the Eastern region has been our fastest growing, reflecting business mix and relative growth rates in the comparative period.

· Continued strong growth in North America has been driven by increased customer demand driving greater utilisation of our Indiana plant.

· We expect mid single-digit percentage like-for-like volume growth for the year to 30 April 2022.

Increased input costs fully offset by packaging price progression and volume growth - supported by strong financial and supply chain management

· Input costs including energy and labour continued to increase, with OCC prices remaining high, reflecting ongoing strong demand levels.

· Energy impact limited by improved energy efficiency and long-term hedging programme.

· High levels of hedging for energy maintained during FY22 and into the next financial year.

· Costs being recovered through increased packaging pricing and we expect this to continue into the next financial year.

· Long-term supplier relationships have ensured security of paper supply throughout the year.

Strong cashflow and reducing leverage

· We anticipate a continued strong free cash flow performance for the full year with cash conversion over 100 per cent and a further reduction in our leverage from 1.9x reported as at 31 October 2021.



https://www.investegate.co.uk/smith--ds ... 00042654E/

idpickering
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Re: Smith(DS) PLC (SMDS)

#497119

Postby idpickering » April 28th, 2022, 7:23 am

Pre-close statement.

Trading in line with management expectations

· Continued momentum during H2 with good progress in profitability and cash generation.

· Like-for-like corrugated box volume growth of at least 5 per cent for the year.

· Volume growth and continuing packaging price increases have more than offset ongoing input cost increases.

· Expected adjusted operating profit for FY22 in the range of £605 - 615 million.

Strong cashflow, reduced leverage

· Continued strong free cash flow performance for the full year with expected cash conversion over 100 per cent.

· Further reduction in our leverage to approximately 1.7 times as at 30 April 2022 (2.2 times at 30 April 2021).

Update on Ukraine and Russia

· Our only involvement in these countries is a minority investment in a Ukrainian business, which serves customers predominantly in Ukraine with limited sales in Russia. We have no other operations or employees in Russia.

· Due to the invasion and ongoing impact on the business in Ukraine, we are impairing our investment with an anticipated one-off non-cash charge of approximately £30 million in FY22. The contribution to our FY21 results was £4 million after tax.


https://www.investegate.co.uk/smith--ds ... 00076060J/

csearle
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Re: Smith(DS) PLC (SMDS)

#497298

Postby csearle » April 28th, 2022, 5:03 pm

Due to the invasion and ongoing impact on the business in Ukraine, we are impairing our investment with an anticipated one-off non-cash charge of approximately £30 million in FY22. The contribution to our FY21 results was £4 million after tax.
For the benefit of people like me that don't read this sort of stuff very deeply what would be a bit of a layman's translation of this please?

Thanks,
Chris

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Re: Smith(DS) PLC (SMDS)

#497385

Postby dealtn » April 28th, 2022, 11:46 pm

csearle wrote:
Due to the invasion and ongoing impact on the business in Ukraine, we are impairing our investment with an anticipated one-off non-cash charge of approximately £30 million in FY22. The contribution to our FY21 results was £4 million after tax.
For the benefit of people like me that don't read this sort of stuff very deeply what would be a bit of a layman's translation of this please?

Thanks,
Chris


I don't know the company or its business very well.

But if you owned a house that you rented out somewhere and the surrounding area was suddenly made very unattractive such that noone wanted to live there and rent from you anymore, for instance (or worse it was uninsured and demolished) then your rental income and the "market value" of that would fall considerably. It wouldn't be a cash event to you and cost you further money, but you have suffered a large loss and were you a corporate with a balance sheet you would need to reflect this non cash event as a loss.

Presumably the company owns a series of previously productive assets in Ukraine and these have suffered significantly such that they are worth £30m less, even though the company doesn't need to find £30m in cash as a result.

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Re: Smith(DS) PLC (SMDS)

#497512

Postby tjh290633 » April 29th, 2022, 4:11 pm

csearle wrote:
Due to the invasion and ongoing impact on the business in Ukraine, we are impairing our investment with an anticipated one-off non-cash charge of approximately £30 million in FY22. The contribution to our FY21 results was £4 million after tax.
For the benefit of people like me that don't read this sort of stuff very deeply what would be a bit of a layman's translation of this please?

Thanks,
Chris

My interpretation is that they are writing down their investment in the Ukraine business, which will not involve any cash movements, but they are taking a prudent step to have a realistic view of their investment. Accountants are full of wheezes like this, making "Provisions" for a possible event is another.

TJH

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Re: Smith(DS) PLC (SMDS)

#508587

Postby pje16 » June 21st, 2022, 8:27 am

DS Smith lifts dividend 24% on strong results.
Moderator Message:
Off topic bit removed.


DS Smith hiked its dividend after robust annual results.

DS Smith raised its dividend after the packaging company posted strong annual results - delivered, it said, against a backdrop of volatile trading.

For the financial year that ended April 30, pretax profit increased 64% to GBP378 million from GBP231 million the year before, on revenue of GBP7.24 billion, up 21% from GBP5.98 billion.

DS Smith declared a total dividend of 15.0 pence, up 24% from 12.1p paid out in financial 2021.
Looking ahead, DS Smith said it has seen good early momentum in the start of its current financial year, despite a more-challenging backdrop.

For financial 2023, DS Smith expects corrugated box volume growth in a range of 2% to 4%. It plans to increase capital expenditure to GBP500 million to invest in "customer-led growth opportunities".

Chief Executive Officer Miles Roberts said: "It has been another year of volatile trading conditions where we have worked through the tail-end of the pandemic and, more recently, the tragic events of the Russian invasion of Ukraine.

"The new financial year has started well, building on the momentum from the previous year. Whilst there remains considerable uncertainty about the overall economic environment, our expectations remain unchanged. Strong customer demand reinforces our confidence to invest in the business, with capital expenditure expected to further increase in the current year."

source:
https://www.ii.co.uk/secure/my-news-fee ... 5915481100
(login required)

daveh
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Re: Smith(DS) PLC (SMDS)

#508601

Postby daveh » June 21st, 2022, 9:05 am

The RNS is here:

https://www.investegate.co.uk/smith--ds ... 00035513P/
Dividend

The Board considers the dividend to be a very important component of shareholder returns. Our policy is that dividends will be progressive and that, in the medium term, dividend cover should be on average 2.0 to 2.5 times (relative to adjusted earnings per share), through the cycle. Accordingly, and reflecting the strong growth in the business and our confidence in the outlook, we are announcing a final dividend for this year of 10.2 pence, taking the total dividend for the year to 15.0 pence per share (2020/21: 12.1 pence), in line with our policy and an increase of 24 per cent over the prior period.



Subject to approval of shareholders at AGM to be held on 6 September 2022, the final dividend will be paid on 1 November 2022 to shareholders on the register at the close of business on 7 October 2022.


Though they are still paying less than they did in 2019 when they paid out 16.2p

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Re: Smith(DS) PLC (SMDS)

#508634

Postby tjh290633 » June 21st, 2022, 11:39 am

Looking more attractive every day.

TJH

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Re: Smith(DS) PLC (SMDS)

#508639

Postby Bouleversee » June 21st, 2022, 12:05 pm

tjh290633 wrote:Looking more attractive every day.

TJH


You reckon? I thought so when I bought (twice) in 2019 and 2020 and am now losing almost l5%. I thought the s.p. would go up a lot after today's announcement and the interview on Today but it hasn't moved much and is already fading a bit. With so much red on my p/fs I have lost the will and confidence to risk any more capital.

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Re: Smith(DS) PLC (SMDS)

#508642

Postby pje16 » June 21st, 2022, 12:12 pm

I know.... the rump of my holding was bought 2017 @£4.33 :roll:

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Re: Smith(DS) PLC (SMDS)

#508647

Postby Bouleversee » June 21st, 2022, 12:31 pm

pje16 wrote:I know.... the rump of my holding was bought 2017 @£4.33 :roll:


Oh dear. My highest was 367.43; average 343.25 which is bad enough! Nil desperandum!


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