Strong year-over-year performance for the UK-based DS Smith Group with excellent 35% adjusted operating income growth. Revenue for the year ending April 30th rose 14% to £8.22 billion versus £7.24 billion the previous year. These solid results are due to cost-cutting, that more than offset the volume declines in terms of inflation context. It also shows from this balance sheet, the continuation of the plastic replacement dynamic with 762 million plastic units replaced since 2020 and 297 million in 2022/23 not forgetting a significant improvement in the Group’s sustainability indicators and ESG ratings. During the presentation of the results, Miles Robert, CEO of DS Smith (pictured) insisted on revisiting the group’s desire to go even further in its commitment to remove 1 billion plastic elements from supermarkets by 2025. “This year, we are proud to have helped our customers replace nearly 300 million plastic parts with fibre-based alternatives, but as we publish our results, there is a risk that the proposed amendments to the EU Packaging and Packaging Waste Regulation (PPWR) We support the objectives of the Green Deal and the new legislation, but amendments that impose reuse targets for paper and paperboard would compromise the European corrugated board industry, integrate a plastic economy into the single market and set the EU back on climate change. Both recycling and reuse have a role to play in making packaging as sustainable and circular as possible, and should be complementary. The Commission has acknowledged this by deliberately excluding corrugated board from most mandatory reuse targets. We call on the European Parliament and Member States to do the same.” We get the picture!
Published on 06/07/2023