· Robust adjusted operating profit of £701m (FY2022/23: £861m), in line with management expectations, against a weak consumer demand environment and high inflation
· Decline in like for like box volumes of 2%; improving momentum across the year with like for like growth of 2% in Q4 FY2023/24 vs Q4 FY2022/23
· Strong customer relationships, innovation and high service levels, together with strong cost management, have partially offset downward pricing pressure
· Lower free cashflow, reflecting our current capital expenditure programme and a working capital outflow, predominantly driven by commodity prices, has resulted in 2.1x net debt/EBITDA (FY2022/23: 1.3x). Underlying working capital metrics remain consistent with prior years
· Ongoing capital and operational expenditure programmes to support our customers and improve productivity and environmental efficiency remain on track
· Further progress towards our 2030 Now and Next goals;
o Replaced over 1 billion units of plastic since May 2020, ahead of schedule
o Further greenhouse gas (GHG) reduction - 5 per cent in the year (19 per cent compared to 2019)
· Recommended all-share offer from International Paper to combine the businesses and create a truly international sustainable packaging solutions leader
And later;
Final dividend - proposed 12.0p
https://www.investegate.co.uk/announcem ... ts/8268796
Also posted on Company News here; viewtopic.php?p=669889#p669889
I don't hold these, but I know some here do, so this may be of interest here.
Ian.