The group – which supplies products ranging from carrier bags to toilet rolls – posted a 6 per cent rise in first half pretax profits to £155.6million as its revenues rose by 10 per cent to £3.4billion, boosted by a string of acquisitions.
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Chief Executive Frank Van Zaten told Reuters that Bunzl had an “active pipeline of opportunities”, but declined to specify whether it was now in talks to buy any United Kingdom businesses or whether deal values had been affected by the slide in sterling since the June 23 vote to leave the European Union, or Brexit.
It announced another three small acquisitions on Tuesday, adding to five already this year for a total spend of 101 million pounds on mostly family owned firms in Britain, Canada, the United States, Brazil, Turkey and Belgium.
Profit before tax and exceptional items was GBP210.6 million against GBP187.0 million a year ago. Adjusted earnings per share were 46.2p (2015: 41.4p).
During July, Bunzl entered into an agreement to purchase Budapest -based Silwell Kft, which had revenue in 2015 of about 6 million pounds.
Bunzl chief executive Frank van Zanten, who took up the role in April, said: “Going forward, we will focus on further expansion of the group, continuing our investments in IT and digital projects and intensifying the sharing of best practice across our businesses globally”.
Bunzl hiked its interim dividend by 11% to 13p per share.
Thew group also announced that it has completed two further acquisitions in Canada and has entered into an agreement to acquire a business in Hungary.
It also acquired Apex Sanitation Products Ltd, Toronto, Ontario, which distributes similar products, as well as provides related maintenance and training services to end user customers operating in the facilities management, education, health care and government sectors in Canada. Both businesses were acquired in July.
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In London, Bunzl shares were trading at 2,469 pence, up 2.02 percent. The acquisition is expected to be completed at the end of September.
