Packager DS Smith's CEO Says Brexit Putting Brake On Customer Spending
British packaging group DS Smith Plc posted higher annual profit on Monday, but cautioned that the UK's planned exit from the European Union had slowed investment decisions amongst a 'lot of its customers', including carmakers.
"They (customers) are either withholding or in some cases the investment is going overseas. And as our customers move, we have to respond," chief executive officer Miles Roberts told Reuters.
Rising Input Costs
The FTSE-100 firm, which makes corrugated cardboard, recycled paper and plastic packaging, has grown through acquisitions, but more recently struggled with rising input costs due to a surge in paper and pulp prices and a Chinese import ban.
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