DS Smith Plc, the international packaging and office products wholesaling company, announces its results for the year ended 30 April 2010.

Highlights
• Robust performance in challenging markets
• Revenue £2,070.6 million (£2008/09: £ 2,106.6 million)
• Adjusted EBITDA up 1.3% to £166.0 million
• Adjusted earnings per share up 2.4% to 12.9 pence
• Strong cash flow generation drives net debt down £52.0 million to £239.5 million
• Full year dividend increased by 4.5% to 4.6 pence per share
• Successful implementation of 2008/09 cost reduction plan
• The Group has continued to build its market position in corrugated packaging for the fast-moving consumer goods sector across Europe
• Review of strategy and business operations launched by new Group Chief Executive

Commenting on the results, Chairman, Peter Johnson said: “In 2009/10 we improved earnings and delivered strong cash flow, gaining share in all our main packaging markets. This robust performance sets a good platform from which we will develop and grow the Group. I am delighted to welcome Miles Roberts to the Group as our new Chief Executive. His skills and experience are ideally suited to taking advantage of the opportunities we see and I look forward to working with him.”

Miles Roberts, Group Chief Executive said: “Since joining DS Smith in May 2010, I have visited many parts of the Group and its customers. This has confirmed my view that there is significant potential within DS Smith. Our objective is to create a growing business that is more focused, producing higher margins and returns with less cyclicality. The plan to achieve this objective will be completed over the coming months. Trading in the current financial year has started well and is in line with our expectations. We are experiencing increasing sales volumes due to the continuing recovery in market conditions. We are also benefiting from the success of our service and product offering.”

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