Trading Statement

Smith (DS) PLC
24 April 2003



                                                                  24 April 2003


                                  DS SMITH PLC

                            PRE-CLOSE TRADING UPDATE



DS Smith Plc (LSE:SMDS), the international packaging manufacturer and office
products wholesaler, is releasing the following trading update prior to its year
end on 30 April 2003.



Since the interim results announcement in December, the Group has successfully
continued the drive on operational performance against a background of weak
demand in many of its markets.  This has resulted in the Group meeting its key
objectives for 2002/03 of maintaining progress in Packaging and improving
profitability in Office Products.  The Group's results for 2002/03 are expected
to be substantially ahead of 2001/02 and in line with expectations.  The Company
has recently completed the sale of three small businesses.





Corrugated and Paper Packaging

As indicated in the interim results announcement, the combination of weak demand
for corrugated board in our major markets and the volatility of recovered paper
prices has continued to create uncertainty for pricing.  Paper prices softened
around the turn of the year following a fall in recovered paper prices during
the autumn. Subsequently, recovered paper prices have risen as a result of
renewed demand from Asia and there has been some upward movement in paper prices
on the continent.  Weakening economic conditions in the UK and France have
contributed to box prices coming under increased pressure since the beginning of
the calendar year.



Despite these changing market circumstances, DS Smith's Corrugated and Paper
operations have continued to perform solidly through focusing on cost control,
productivity and customer service.  Profits for 2002/03 are expected to be ahead
of 2001/02.





Plastic Packaging

Demand in liquid packaging and dispensing has remained relatively good and the
Group has continued the development of its global business.  Total Plastic
Packaging profits for 2002/03 are expected to show a healthy advance over the
previous year as a result of organic growth and acquisition.



Office Products Wholesaling

Despite very poor demand for office products across Europe, Spicers has
continued to meet its targets for rebuilding profitability.  In the UK, the
progress made in the first half of the financial year on raising service levels
has been continued and the improved margins, principally achieved through
exiting unprofitable business lines and reducing operating costs, have been
maintained.  The second half result is expected to be ahead of that for the
first half of the year and a substantial improvement over the second half of
2001/02.





Office Products Manufacturing

John Dickinson continues to benefit from the restructuring undertaken in 2002.
Although its markets remain difficult, it will report a good increase in its
result for the year.





Portfolio

In line with the Group's ongoing strategy of streamlining its portfolio, three
small peripheral businesses were sold during February 2003 for a total
consideration of approximately £5 million.  The businesses concerned were:
Western Board, a manufacturer and converter of fibreboard; Spicer Hallfield, a
manufacturer of photographic stationery; and Sorepa, a waste collection business
in France in which DS Smith held a 60% share.   These sales will result in an
exceptional charge of £8.4 million in 2002/03, principally due to the write-back
through the profit and loss account of £7.4 million of goodwill originally
written off to reserves when Western Board was acquired in 1985.





DS Smith's Preliminary results for the year to 30 April 2003 will be announced
on

26 June 2003.




Enquiries



DS Smith Plc                                                      020 7932 5000

Tony Thorne, Group Chief Executive

Gavin Morris, Group Finance Director

Peter Aubusson, Group Communications Manager



Financial Dynamics                                                020 7269 7291

Robert Gurner






Notes to Editors



DS Smith Plc (LSE:SMDS) is an international Group focused on two major
activities - Packaging and Office Products.  The Packaging activity is comprised
of Corrugated and Paper (49% of Group turnover) and Plastic Packaging (13%).
Office Products is comprised of the Spicers Wholesaling business (35%) and the
John Dickinson Manufacturing operation (3%).



The company is:

-           the leading UK producer of recycled paper board

-           the largest UK collector and merchant of recovered paper

-           a leading manufacturer of corrugated packaging in the UK and France

-           a leading worldwide supplier of bag-in-box packaging

-           the leading European wholesaler of office supplies

-           the largest UK manufacturer of envelopes, books and pads



Turnover in 2001/02 was £1,440.2 million of which 62% was derived from UK
operations.  The Group employs around 10,900 people across operations in UK,
France, Germany, Italy, Spain, Belgium, Ireland, Poland, Turkey, Czech Republic,
USA, Australia and New Zealand.



The company changed its name to DS Smith Plc from David S. Smith (Holdings) PLC
in September 2001.



For further information: www.dssmith.uk.com






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            The company news service from the London Stock Exchange