Mondi PLC notes continued strong demand for corrugated boxes amid

Mondi PLC (LON:MNDI) said demand for its corrugated packaging “remains very strong” amid the ongoing boom in ecommerce as the packaging group updated investors on its performance for its first quarter.

For the three-month period, the FTSE 100 group said strong demand had been seen across all of its businesses. Underlying earnings (EBITDA) in the period were €353mln, down 8% year-on-year but in line with the company’s expectations.

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Aside from the demand for corrugated packaging, Mondi also noted “good volumes” in its flexible packaging business and a stable performance for engineered materials. Uncoated fine paper, meanwhile, saw lower volumes due to a strong comparable period last year, however, it said it had since implemented price increases across its key markets.

Looking ahead, the company said it is continuing to see strong demand across its markets and that the benefits of its capital investment programme will allow it to mitigate the impact of cost pressures and currency headwinds.

“While macroeconomic uncertainties remain, we are confident the group remains well placed to make progress in line with our expectations,” the firm said.

Shares in Mondi slipped 0.6% to 1,977.5p in early deals on Thursday.