DS Smith Plc. Board has announced a final dividend of 12.0p per share, taking the total dividend for this year to 18.0 pence per share, in line with FY 2022/23.
Subject to approval of shareholders at the AGM to be held on 3 September 2024, the final dividend will be paid on 4 October 2024 to shareholders on the register at the close of business on 6 September 2024.
Other financial highlights:
Robust adjusted operating profit of £701m (FY2022/23: £861m), in line with management expectations, against a weak consumer demand environment and high inflation
Decline in like for like box volumes of 2%; improving momentum across the year with like for like growth of 2% in Q4 FY2023/24 vs Q4 FY2022/23
Strong customer relationships, innovation and high service levels, together with strong cost management, have partially offset downward pricing pressure
Lower free cashflow, reflecting their current capital expenditure programme and a working capital outflow, predominantly driven by commodity prices, has resulted in 2.1x net debt/EBITDA (FY2022/23: 1.3x). Underlying working capital metrics remain consistent with prior years
Ongoing capital and operational expenditure programmes to support their customers and improve productivity and environmental efficiency remain on track
Further progress towards their 2030 Now and Next goals;
Replaced over 1 billion units of plastic since May 2020, ahead of schedule
Further greenhouse gas (GHG) reduction - 5 per cent in the year (19 per cent compared to 2019)
Recommended all-share offer from International Paper to combine the businesses and create a truly international sustainable packaging solutions leader
