DS Smith PLC (LSE:SMDS) confirmed that it expects to complete its merger with US group International Paper in the first quarter of 2025.
The confirmation followed a tough first half for the FTSE 100 cardboard box and packaging group with revenues flat at £3.37 billion and profits down 89% at £29 million with underlying profits 39% lower.
Costs of £75 million for the IP merger were booked in the half year, it added.
Miles Roberts, chief executive, said: “Looking forward, while recognising the recent paper price weakness, we continue to expect modest growth in packaging volumes and increasing sequential prices to recover higher input costs.”
The interim dividend goes up by 3% to 6.2p.
Shares in Smith eased 1.3% to 569.5p having been boosted recently by the strong performance of US-listed International Paper.