Bunzl Sees Fiscal Year Trading In Line With Views, Revenue Growth 2%
June 22 2010 - 2:39AM
Dow Jones News
Bunzl PLC (BNZL.LN), an international distribution and
outsourcing Group, said Tuesday that overall, trading is in line
with full year expectations with Group revenue growth of 2%.
MAIN FACTS:
-Group operating margin has improved compared to the same period
in 2009 as a result of increases in the U.K. & Ireland and the
Rest of the World, largely due to the favorable impact of cost
reduction initiatives previously taken and the absence of a
negative transaction impact from foreign exchange which
particularly affected these business areas in the first half of
last year.
-This improvement, combined with the increase in revenue, has
led to an increase in overall Group profitability.
-In North America the strong underlying revenue growth of the
first quarter has continued, led principally by additional business
with existing customers.
-Although revenue in the U.K. & Ireland in the first half is
below the same period last year due to the persisting difficult
economic conditions, the improvement in operating margin has
resulted in an increase in profits.
-In Continental Europe trading is ahead of the first half of
last year due to the impact of recent acquisitions.
-The Rest of the World has shown excellent growth due to the
favorable impact of currency translation, strong underlying growth
in Brazil and a significant improvement in operating margin in
Australasia.
-Acquisitions remain a key component of Bunzl's strategy.
-Shares closed Monday at 746.5 pence.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269;
iain.packham@dowjones.com
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