Sunday 18 February 2018

Smurfit Kappa reports small drop in profit to €98m

Gerard "Gary" McGann, chief executive officer of Smurfit Kappa Group Plc (Simon Dawson/Bloomberg via Getty Images)

Smurfit Kappa has seen its pre-tax profits drop slightly in the first three months of the year to €98m.

This compared to a pre-tax profit of €104m in the first quarter of 2014.

Revenues at the Irish-based packaging giant were up slightly, from €1.9bn in 2014 to just under €2bn in 2015, while earnings per share was up 7pc from 28.8 cent to 30.9 cent.

CEO Gary McGann said: “Against the backdrop of a more positive European business environment, and improvements in our operational performance in the Americas, we expect to deliver earnings growth year-on-year.

"As we build the business through our differentiated offering and new investments, we remain committed to our core financial and operational disciplines. Our focus continues to be one of driving strong returns through superior operating performance, a progressive dividend stream, targeted high-return internal investments and accretive acquisitions.”

The company also announced this morning that CEO Gary McGann is to retire at the end of August and is to be replaced by chief operating officer Tony Smurfit.

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