Smurfit Kappa Sees 8% EBITDA Rise In First Half
Smurfit Kappa Group has posted an EBITDA increase of 8% in the first half of the year, according to a results statement issued this morning (27 July).
The packaging giant said that it saw global corrugated packaging growth of 5% in the first half, as well as ‘solid organic volume growth’.
“We are pleased to deliver a strong first half result with EBITDA growth of 8% to €593 million,” commented Tony Smurfit, group chief executive.
“In Europe, we have delivered an improved earnings performance in the first half, with organic box volume growth of 2% and a relatively stable pricing environment in local currency terms. This result has been achieved despite higher than expected OCC costs, while negatively impacting our margin in the short-term, should provide a solid underpin to containerboard pricing and, in turn, box prices.”
Smurfit added that the group is “well positioned for growth and business development. We are a clear market leader, in a growth industry, with a continuously improving business model. SKG continues to build balance sheet strength which increases the range of strategic and financial options open to us.”
© 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.