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UK's Bunzl sees rise in H1 revenue, more acquisitions
June 28, 2017 / 6:28 AM / 5 months ago

UK's Bunzl sees rise in H1 revenue, more acquisitions

June 28 (Reuters) - British business supplies distributor Bunzl Plc estimated a 7 percent increase in first-half revenue at constant currency, as a boost from recent acquisitions continued to play out over the second quarter.

Underlying revenue growth in the range of 3 percent to 4 percent for the six months ending June 30 was mainly due to the additional business won, albeit at lower margins, in North America towards the end of 2016, Bunzl said.

The company, which supplies products ranging from safety gear for builders and packaging materials for supermarkets, said it had bought three more businesses in Spain and Canada.

Bunzl, which buys smaller businesses to expand its operations or enter new markets and uses its scale to then drive growth, added it had made eight acquisitions this year, spending about 290 million pounds ($371 million) and adding revenue of 370 million pounds annually.

“With a promising pipeline of additional opportunities, I would expect us to complete further acquisitions as the year progresses,” Chief Executive Officer Frank van Zanten said. ($1 = 0.7804 pounds) (Reporting by Noor Zainab Hussain and Esha Vaish in Bengaluru; Editing by Amrutha Gayathri)

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