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DS Smith

DS Smith shares rise after strong full-year results

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Shares in DS Smith (LON:SMDS) rose in early trade after the packaging and office product wholesaler reported strong results for the full-year to the end of April 2012.

Revenue rose 12 percent year-on-year to £1.97 billion, and was up 8 percent on a like-for-like basis, while pretax profit soared to £110.2 million from £76.7 million a year earlier.

By 10 am, the stock was trading up 2.7 percent at 140 pence.

The full year benefits from its acquisition in 2010 of French peer Otor acquisition are ahead of original plans, and during the current year it plans to fully integrate Swedish firm SCA Packaging which it recently acquired.

Chief executive Miles Roberts said: "The economic conditions across Europe remain challenging. DS Smith is positioned to perform well in this environment, due to our resilient customer base, the opportunity for substantial cost and cash synergies as previously announced, and our track record of delivering sustainable returns in challenging market conditions.

“Accordingly, the board views the prospects for the enlarged group in the coming year with confidence and expects to make continued progress," he added.

Quick facts: DS Smith

Price: £3.24

Market: LSE
Market Cap: £4.45 billion
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