Bunzl reports rise in half year revenues

Pre-tax profits for the half year to June 30 rose 8% to £197.3 million, up from £181.9 million during the same period last year.

The company said its UK and Ireland operations, which account for 14% of revenue, experienced strong organic revenue growth but said

operating margins were impacted by a “challenging market”.

Bunzl chief executive Frank van Zanten said: “Bunzl has delivered another good set of results with double-digit increases at constant

exchange rates in revenue, adjusted operating profit and adjusted earnings per share.

“I am particularly pleased to report a further improvement in the level of organic revenue growth to 5.2% during the first half of 2018.

“Looking forward to the rest of the year, the board is confident that the prospects for the group are positive and that the company will continue to develop the business and build shareholder value through a combination of organic growth and further acquisitions as the year

progresses.”

Bunzl has also announced a fresh acquisition, marking its first foray into the Norwegian market.

The company has snapped up Oslo-based Enor. The terms of the deal were not disclosed, but Bunzl said Enor logged £27 million in revenue in the year to December 31 2017.

Commenting on the acquisition, Mr van Zanten said: “The acquisition of the Enor group is an exciting development for Bunzl as it represents

our first acquisition in Norway and means that we now have operations in 31 countries globally.

“The business has a leading position in the catering equipment market and further extends our business in Scandinavia where we already have

a strong presence in Denmark.

“We are pleased to welcome their employees to the group.”