DS Smith first-half trading in line

(ShareCast News) - Packaging group DS Smith said trading for the half year ending 31 October has been in line with its expectations, with good volume growth, while margins, return on average capital employed and earnings per share continue to show strong growth.The company said it continues to actively manage its asset portfolio to enhance the quality of its business and its geographic footprint. DS Smith said that in the period, it has completed the acquisitions of Duropack, Lantero and most recently, the acquisition of a corrugated business in Greece.At the same time, it agreed to sell its stake in the Turkish operations of Cukurova Group and announced a proposal to reduce its paper capacity via the closure of its Wansbrough paper mill.DS said the performance of the acquired businesses to date has been better than originally anticipated with good customer reception to its entry into new markets.Chief executive Miles Roberts said: "Our outlook remains positive as volumes and financial returns continue to grow, despite no change in market conditions.The board expects continued performance in line with our medium term financial targets, views the remainder of the year with confidence and remains excited about the opportunities for the group." Smith (DS)