Mondi (MNDI) does most of its work in Europe where conditions are predictably tough, yet the packaging company grew underlying operating profit by 35 per cent in the first quarter, evidence that its ambitious acquisition strategy is paying off.
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The €162m (£136.7m) it made in the three months was similar to last year's strong fourth quarter and, as expected, driven by packaging paper and improvements in South Africa where a weak rand is helpful. Buying consumer packaging business Nordenia, and corrugated packaging plants in Germany and the Czech Republic last year is proving money well spent.
