Following the release of DS Smith’s results for the year ended April 2003 earlier today, Bill Armstrong, chief executive of Spicers, comments: “Spicers operations across Europe made good progress in the year. The UK business successfully rebuilt service levels as well as operating and financial disciplines. This combined with the exiting of unprofitable business and substantial cost reductions resulted in a good improvement in profitability. This was a commendable turnaround involving a strong team performance.”
He says the slowdown in the French market intensified during the financial year and adversely affected Spicers growth in the second half, Spicers Germany many good progress in rebuilding customer confidence by providing consistently high service levels, and the Spanish operation, launched in April 2002, is steadily building turnover.
“Spicers sales in continental Europe now account for 40% of its total sales and over the last three years business there has grown by 70%. In line with the strategy of continued development of Spicers in continental Europe, preparation is underway for entry into the Italian market in late 2004,” concludes Armstrong.
26-Jun-2003
