Bunzl Fiscal Year Revenue Growth Expected To Be Between 3% And 4%
December 14 2010 - 2:50AM
Dow Jones News
Bunzl PLC (BNZL.LN), the international distribution and
outsourcing group, said Tuesday revenue growth for the year ending
Dec 31 is expected to be between 3% and 4% due to underlying
revenue growth and the positive impact from acquisitions and
exchange.
MAIN FACTS:
-Excluding the impact from the previously announced sale of
products related to H1N1 prevention last year, underlying revenue
growth is approximately 1.5% as a result of a slight improvement in
the second half growth rate compared to the first half of 2010.
-Overall trading is consistent with expectations at the time of
the Interim Management Statement in October.
-In North America, the largest business area, underlying revenue
growth is strong, albeit with some margin pressure, due largely to
increased volumes to existing customers.
-In the U.K. & Ireland, although revenue is below that of
the previous year due to the persisting difficult economic
conditions, margins have increased significantly on 2009.
-Revenue and operating profit in Continental Europe were
positively impacted by the sale of H1N1 prevention products in
2009, particularly in the second half; After adjusting for this
impact, both revenue and operating profit are ahead of the prior
year due to the impact of acquisitions.
-Strong underlying growth and substantial margin improvement has
led to excellent profit growth in the Rest of the World.
-Acquisitions continue to be a key component of the Group's
growth strategy; The current environment remains promising and
discussions are ongoing with a number of interested parties.
-Bunzl's geographically diversified business, strong cash flow
and robust balance sheet position the Company well to take
advantage of appropriate opportunities to develop further.
-Shares closed Monday at 707.50 pence, valuing the Company at
GBP2.33 billion.
-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314;
jana.weigand@dowjones.com
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