Earnings jump 25pc at Smurfit Kappa
Packaging giant Smurfit Kappa has reported a 25pc jump in earnings to €424m in the three months to 31 March.
The performance was drive by higher corrugated pricing, demand growth, a focus on cost efficiencies and the benefits of the group’s capital programme, the company said in a trading update.
Revenue during the period grew 7pc to €2.3bn.
Tony Smurfit, CEO of Smurfit Kappa, said:
“The group has had an excellent start to the year building on our established strengths of customer-focused innovation, our integrated operating model, and our ever expanding geographic reach.”
“While there is invariably political and economic risk, we confidently expect to deliver another year of progress.”
In Europe, Smurfit’s first quarter organic corrugated volume growth was 2pc year-on-year, against a strong 2018 comparison, with corrugated pricing in line with expectations.
In the Americas, organic volume growth was 3pc year-on-year, with especially good performances in Colombia, Mexico and the US.
During the quarter, the group completed acquisitions in Bulgaria and Serbia.