Bunzl expects strong growth on acquisition pipeline
Distribution firm Bunzl has seen pre tax profits at £129.4m in the six months to the end of June, up from £118.5m in the same period last year (release).
Group revenue rose to £2,956.6 million (2012: £2,612.2 million), an increase of 11% at constant exchange rates, which was driven by underlying growth of 1.9% together with the positive effect of acquisitions made in 2012 and 2013.
The firm also announced two acquisitions (release):
- Espomega, a Mexico based redistribution business, that supplies safety products, including gloves and protective clothing. Expected 2013 revenue: £28m.
- The Fufilment Store, a Rugby based firm that procure promotional products and markets point of sale materials. 2012 Revenue: £8m.
Commenting on today's results, Michael Roney, chief executive of Bunzl, said:
These results once again demonstrate the resilience and reliability of our business model and strategy with double digit growth in revenue, earnings and dividends.
Looking forward, although the macroeconomic outlook remains challenging in some markets, we believe that our strong competitive position and the opportunities to consolidate our fragmented markets further should enable the Group to show continued growth during the rest of the year.
We have a promising acquisition pipeline and have had an encouraging start to the second half of 2013 with the announcement today of two acquisitions, Espomega in Mexico and TFS in the UK.