Packaging giant Smurfit Kappa has posted a 6% increase in pre-exceptional EBITDA for its first quarter of the year, to 31 March 2016.
The group posted a margin increase of 14% for the period, which saw it complete two major paper machine upgrades in the Netherlands and Spain.
“Solid year-on-year earnings progression in the first quarter of 2016 with 6% EBITDA growth was driven by an improved operating performance and the positive impact of acquisitions completed in 2015.,” said chief executive Tony Smurfit.
“Our well invested, geographically diversified and vertically integrated operations will continue to provide us with a resilient platform to drive earnings and free cash flows.”
Smurfit added that the group’s focus for the coming year is to integrate the €380-million worth of acquisitions that it made in 2015, as well as look at further “bolt-on acquisitions”.
He added, “Our capital investment programme of over €450 million per annum supports our objective to deliver higher quality packaging and merchandising solutions to our global customers, while continually driving operational efficiencies through our integrated system.”
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.