Bunzl PLC Trading Statement (7013Q)
30 June 2022 - 4:00PM
UK Regulatory
TIDMBNZL
RNS Number : 7013Q
Bunzl PLC
30 June 2022
30 June 2022
BUNZL PRE-CLOSE STATEMENT
Bunzl plc, the specialist international distribution and
services Group, is updating the market today prior to entering its
closed period for the six months ending 30 June 2022.
The Group is expected to deliver very strong growth over the
period, reflecting the resilience and strength of the Bunzl
business model. Group revenue in the first half is expected to
increase year-on-year by approximately 16% at actual exchange rates
and by 12-13% at constant exchange rates(1) , with inflation
continuing to drive underlying revenue growth and the impact of
acquisitions further supplementing growth. Group adjusted operating
margin for the first half is expected to be slightly higher than
historical annual levels.
Across our business areas inflation remains the key driver of
performance. Very strong revenue growth has been maintained in
North America over the period and negotiations with our largest
customer are constructive and ongoing. Continental Europe similarly
maintained strong momentum, whilst the UK & Ireland's operating
margin continues to see year-on-year improvement alongside very
strong base business recovery. Rest of the World's revenue growth
has been moderate, with very strong growth in Asia Pacific
partially offset by the expected decline in Covid-19 related sales
in Latin America.
The Group is upgrading its guidance for the year on the basis of
very strong revenue growth to date and announced acquisitions. At
constant exchange rates the Group now expects very good revenue
growth in 2022, driven by good organic revenue growth and the
positive contribution of acquisitions announced in the last 12
months. Growth of the base business is expected to be only
partially offset by the further normalisation of sales of Covid-19
related products, albeit these are expected to remain ahead of 2019
levels. We continue to expect Group operating margin in 2022 to be
slightly higher than historical levels.
Commenting on today's announcement, Frank van Zanten, Chief
Executive Officer of Bunzl, said:
"Bunzl has delivered another period of strong growth. We
continue to demonstrate the strength of our business model,
supported by the depth and resilience of our supply chains and the
agility of our people who have responded to the inflationary
environment so successfully. Our acquisition momentum remains
strong, with our active pipeline supported by a strong balance
sheet."
Note:
1. The number of trading days will not have an impact on growth over the period.
Enquiries:
Bunzl plc Tulchan
Frank van Zanten, Chief Executive Martin Robinson
Officer Olivia Peters
Richard Howes, Chief Financial Tel: +44 (0)20 7353 4200
Officer
Sunita Entwisle, Head of Investor
Relations
Tel: +44 (0)20 7725 5000
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END
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