Spicers reports flat profit


7 December 2005 – London (UK): DS Smith, parent company of Spicers, has released interim figures for Spicers for the first six months of its fiscal year, ending 31 October.

The wholesaler reported a rise in sales to £248.1 million ($429.6 million), from £240 million a year earlier, with operating profit remaining the same at £6.9 million.
A lower result in the UK was offset by good progress in continental Europe. In a statement, DS Smith said of the UK performance: "Continuing price erosion across the product range and a larger-than-expected proportion of lower margin electronic office supplies resulted in reduced profits. Action has been taken to improve the sales mix and to lower costs." 
It added that "in the light of the trading difficulties in the UK" it will be "challenging for Spicers to exceed last year’s result for the full year."