Bunzl H1 Earnings, Revenue Rise

Bunzl Plc (BZLFY.PK,BNZL.L), a British distribution and outsourcing company, on Tuesday posted a rise in earnings for the first-half of 2023, reflecting an increase in revenue, supported by a growth from the incremental impact of acquisitions.

For the six-month period to June 30, the Group posted a pre-tax income of 317.1 million pounds, compared with 296.6 million pounds of previous year period.

Excluding items, pre-tax income moved up to 395.6 million pounds from previous year’s 380.5 million pounds.

Net profit stood at 237.2 million pounds or 70.2 pence per share, higher than last year’s 221.6 million pounds or 65.6 pence per share.

Adjusted income rose to 295.9 million pounds or 88.3 pence per share from previous year’s 286.9 million pounds or 85.7 pence per share.

Operating profit moved up to 359.8 million pounds from 327.5 million pounds a year ago. Adjusted operating earnings were at 438.3 million pounds, versus 411.4 million pounds a year ago.

Revenue was 5.906 billion pounds, up from 5.650 billion pounds a year ago.

Bunzl will pay an interim dividend of 18.2 pence per share, higher than 17.3 pence per share paid for the first-half of 2022. The dividend will be paid on January 3, 2024 to shareholders on the register as of November 17, 2023.

Looking ahead, for full year 2023, the company said: “… We now expect adjusted operating profit to be moderately higher than in 2022 at constant exchange rates, with operating margin remaining strong and moderately higher than that achieved in the prior year. At constant exchange rates we expect Group revenue in 2023 to be slightly higher than in 2022, driven by announced acquisitions, partially offset by a slight organic decline, following strong organic growth in recent years, and a small impact from the UK healthcare disposal.”

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