DS Smith Annual Profit Bolstered By E-Commerce Despite COVID Hit

Packaging firm DS Smith has reported a 5% rise in annual profit, bolstered by growing demand from e-commerce and consumer goods customers, but the company said it was too early to resume dividends in the short-term due to the pandemic.

The company said the COVID-19 crisis had a £15 million impact in the last two months of its financial year as box volumes declined and industrial customers remained weak.

The company, which makes cardboard boxes and recycled paper, reported an adjusted operating profit of £660 million, up from £631 million last year.

ESM