14.7 C
London
Saturday, May 8, 2021

Smurfit Kappa hails best start to year fueled by online shopping boom

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

P

Prices have risen sharply, packaging giant Smurfit Kappa said today after a “remarkable” start to the year fueled by the boom in online shopping.

This has been accompanied by “unprecedented” supply shortages and input cost pressures, with paper prices significantly higher.

The Company’s packaging plants source most of their raw materials from the Company’s own paper mills.

Shares hit a record high in February after the company posted a 10% rise in pre-tax profits to 748 million euros (£ 650 million).

Smurfit said, “Our strong first quarter performance laid the groundwork for accelerated revenue and earnings growth as we move through 2021.”

READ  Citi to hire up to 1,500 people in Singapore to boost consumer wealth management business

In addition to its e-commerce and retail packaging, the company sells paper-based social distancing products after discovering that the virus that causes Covid-19 has a shorter lifespan on corrugated cardboard than on other materials such as steel and plastic. .

READ  Sensex, Nifty end in red; here's what the experts think of today's trading session

.

More articles

15,129FansLike
4,596FollowersFollow

Latest article