Pension charge hits Spicers operating profit


Spicers parent company DS Smith has reported a dip in the wholesaler’s operating profit for the six months to 31 October.

The figure was ahead of last year’s £7.2 million ($13.9 million) before a pension charge of £1.1 million took it down to £6.7 million.

Sales fell from £244.4 million a year ago to £240 million.

Consumption of office products across Europe had been slightly firmer in recent months, said DS Smith, although prices continued to be under pressure.

In the UK, where the focus had been on developing sales while maintaining high service levels, turnover grew slightly in Q2 – the first quaterly growth recorded for three years.

The wholesaler also reported solid performances in the French, German and Spanish markets.

Spicers’ parent company, meanwhile, also saw a decline in profit.

DS Smith posted operating income of £40.2 million down from £43.5 million during the same period last year.

Sawston (UK)