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WRK has posted slightly disappointing Q1 results, dragged down by softness in Global Paper, the most ‘commodity’ part of the business. Encouragingly there was strong performance in the key consumer and corrugated packaging units and confirmation of $250m annual savings coming through in FY 23, evidenced by EBITDA growth outpacing rev growth in those segments. All leading to an expectation of another year with $1bn adj. free cash flow for the FY
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