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Trading statements

Bunzl on track

19 April 2017 07:34

Bunzl, the international distribution and outsourcing group, said overall trading for the period since the end of December had been consistent with expectations at the time of the annual results announcement at the end of February.

A trading statement said group revenue in the first quarter increased 18% at actual exchange rates.

It said that at constant exchange rates, revenue had risen by 4% compared to the corresponding period last year due to improved underlying growth of approximately 2% and a 3% impact from acquisitions, partly offset by the effect of fewer trading days.

It said the underlying revenue growth was mainly due to the previously announced additional business won, albeit at lower margins, in North America towards the end of 2016.

The statement continued: "The level of acquisition activity has increased during the year to date with five acquisitions announced for a total committed spend of approximately £260 million, adding aggregate annualised revenue of £330 million.

"These acquisitions include the proposed purchase of DDS in the US with annualised revenue of US$312 million (c.£250 million), the completion of which is subject to clearance of the transaction by the Federal Trade Commission."

It said there had been no significant change in the group's financial position during the period and it continued to have substantial funding headroom available.

It added: "Bunzl's strong cash flow and balance sheet, together with a promising acquisition pipeline, should continue to give the Group opportunities to consolidate the markets in which it operates and deliver further growth."

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