Shares in DS Smith (LON:SMDS) have climbed into positive territory in London, as the company updated investors on its first-quarter performance, reporting ‘progress,’ and saying that it had seen ‘good’ like-for-like volume growth so far in the year. The update comes earlier this year, the FTSE 100 group posted a rise in revenue and profits for the 12 months ended April 30.
As of 10:07 BST, DS Smith’s share price had added 0.39 percent to 494.60p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.01 percent higher at 7,505.57 points. The group’s shares have added more than seven percent to their value over the past year, as compared with about a one-percent gain in the Footsie.
DS Smith updates on performance
DS Smith announced in a statement this morning that it had seen “good like for like volume growth in the year to date, with progress in all geographic regions”. The packaging group further noted that recovery of input cost increases from earlier in the calendar year was in line with expectations, with the consequent positive margin impact.
“I am pleased with our momentum in the year to date,” DS Smith’s chief executive Miles Roberts commented in the statement. The company further updated investors on its Europac acquisition, expecting the deal to complete in the last quarter of the calendar year.
Analysts on packaging company
The nine analysts offering 12-month price targets for DS Smith for the Financial Times have a median target of 544.31p on the shares, with a high estimate of 590.00p and a low estimate of 465.22p. As of August 31, the consensus forecast amongst 11 polled investment analysts covering the blue-chip group has it that the company will outperform the market.