Smurfit Kappa has released an interim management statement for the six months ending 30 June 2015, showing pre-exceptional EPS growth of 38% in the first half of the year.
The report also reveals that the group saw its European corrugated packaging volumes grow by 4%, while it has completed €189 million in acquisitions so far this year.
Smurfit Kappa’s EBITDA margin fell to 14%, reflecting the negative impact of its adoption of the variable ‘Sistema Marginal de Divisas' rate for the consolidation of its Venezuelan operations. However, it is expected that this figure will improve in the second half of the year.
The interim dividend increased by 30% to 20 cent, bringing full-year payment to 60 cent per share, which, the group said in a statement, "reflects the board’s continued confidence in the business's capacity to support a strong and progressive dividend".
Smurfit Kappa CEO Gary McGann (pictured) commented, “The group is a significantly stronger business today than at any other time in its recent history, and its effective capital structure, well-invested asset base and increasingly differentiated customer offering provide a strong platform to drive the business forward.
“We continue to expect to deliver earnings growth year on year, and we remain focused on accelerating returns to shareholders through delivery against our capital allocation commitments, maintaining a progressive dividend, sustaining high-return capital expenditure and delivering opportunistic growth through accretive acquisitions."
© 2015 – Checkout Magazine by Jenny Whelan.
