DS Smith Plc (DITHF) Q2 2024 Earnings Call Transcript

DS Smith Plc (OTCPK:DITHF) Q2 2024 Earnings Conference Call December 7, 2023 4:00 AM ET

Company Participants

Miles Roberts – Group Chief Executive

Richard Pike – Group Finance Director Designate

Conference Call Participants

Cole Hathorn – Jefferies

Charlie Muir-Sands – BNP

David O’Brien – Goodbody Stockbrokers

Andrew Jones – UBS

Kevin Fogarty – Numis

Pallav Mittal – Barclays

Miles Roberts

Good morning. Welcome to the Presentation of the Half Year Results for DS Smith. My name is Miles Roberts, the Group’s Chief Executive and I’m joined by our Group Finance Director, Richard Pike. I’ll be running through the presentation and after that, there’s a plenty of time for questions.

Our headline results are all in line with our pre-closed statement and our expectations and we’re pleased with our overall performance, we’ve delivered for customers, delivered on the environment and also for shareholders and we’ve delivered in what has been a very challenging market, one of the most difficult macro markets I’ve seen.

Our volume performance reflects this difficult market. Although I’m pleased to say, we’ve continued to take some market share and the momentum in the business is positive with Q2 volumes being better than Q1 on a like-for-like basis, but I’ll particularly like to highlight our resilient pricing and strong cost control that have supported our margins and underpin our confidence in our full-year expectations, which remain unchanged and with this outlook, we’ve maintained a half-year dividend at the same level as last year.

Very importantly, looking ahead, we have a number of initiatives and investments that are yielding and will yield further increased shareholder returns and as we said at the full year, both Richard and myself will come back on the detail of these opportunities and these together are to create a further enhance more sustainable business with structurally higher

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