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Packaging products company DS Smith (LSE: SMDS) saw profit and revenue decline in the first half, though it said results would be in line with expectations for the full year even as its CEO announces plans to retire.
The FTSE 100 firm reported Thursday that pretax profit fell 17% and revenue dropped 18% in the six months ending October 31. It attributed the declines mainly to lower average sales prices and a 4.7% decrease in box volumes. DS Smith declared an unchanged interim dividend of 6 pence per share.
Chief Executive Miles Roberts, who will retire on November 30, 2025, at the latest, said he was pleased with the company’s performance in a challenging market. DS Smith saw improved volume in the second quarter and expects that rebound to continue, Roberts said.
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Chair Geoff Drabble praised Roberts’ 13-year leadership but said the lengthy notice period will allow ample time to find the right successor.
Shares initially fell Thursday but recovered to trade slightly higher. The stock is down nearly 8% for the year.