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Smurfit Kappa posts revenue growth amid industry-wide shortages
StockMarketWire.com
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Packaging firm Smurfit Kappa has revealed that corrugated volume growth in the first quarter was up approximately 7% in both Europe and the Americas, driving underlying revenue growth of 6% to €2,269 million (£1,972 million).
Containerboard prices increased in the first quarter and again at the start of the second quarter as a result of strong demand and higher recovered fibre and other costs.
The firm reported an EBITDA of €386 million (£335 million) at a margin of 17.0%.
However, supply disruptions and shortages of packaging papers has affected global supply, the company said in a statement to shareholders.
Tony Smurfit, Group CEO, commented: The first quarter was remarkable in many ways. We had strong corrugated volume growth in practically every area and all markets in which we operate. With unprecedented industry-wide shortages of supply and input cost pressures, paper prices have moved up sharply.
We are recovering these input costs in line with our expectations. Against this backdrop, I am very proud of our team who have continued to deliver in these exceptional times, ensuring security of supply to our customers while also continuing to support them through our approach to innovation and our sustainable packaging products.
Smurfit Kappa has, over the last number of years, through continuous investment and acquisitions, structurally improved the business for the benefit of all stakeholders.
Our strong first quarter performance has set the foundation for accelerated revenue and earnings growth as we move through 2021. This performance and these prospects reflect the strength and quality of Smurfit Kappa. He added.
Story provided by StockMarketWire.com
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