Bunzl shares dip on slowed growth in the second quarter
Shares in workplace supplies company Bunzl dipped 1.3 per cent today after it said revenue growth in the second quarter had eased from 1.5 per cent to one per cent, due to a slight slowdown in its biggest market, the US.
However Bunzl also said it expects group revenue for the half year to rise four per cent and kept its full year guidance unchanged.
Read more: Bunzl sales growth slips in early 2019
The company, which supplies everything from rubber gloves and cleaning products to hard hats and packaging, had indicated earlier this year that revenue growth was slowing.
At lunchtime its shares were trading down around 1.3 per cent to 2,119p.
In the trading update Bunzl said it was still actively looking for acquisitions in the current year and had £100m stashed away for a spending spree.
“The pipeline for acquisitions remains active and, with ongoing discussions taking place, the company expects to complete further transactions during the remainder of the year,” it said.
Last month the global packaging and logistics company named Galliford Try chairman Peter Ventress as the man to succeed current chair Philip Rogerson. Ventress joined the board at the start of June and will take over the reins in April 2020.