February 26, 2018 / 7:32 AM / a year ago

Bunzl full-year profit jumps on deals, growth in North America

(Reuters) - Business supplies distributor Bunzl Plc’s full-year profit rose 13 percent as improved trading conditions in the United States and Europe as well as benefits from recent acquisitions supported its growth in the fourth quarter.

Bunzl’s adjusted profit before tax rose to 542.6 million pounds for the year ended Dec. 31, beating analysts’ expectations of 530.1 million pounds, according to a company-compiled consensus.

Revenue at its North America business rose 10 percent with big increase coming from an existing grocery customer.

Its retail supplies business in North America gained from the acquisition of U.S.-based goods distributor Diversified Distribution Systems, Bunzl said.

The company in December forecast full-year revenue to rise 15 percent on a reported basis and 9-10 percent on an organic basis, helped by additional business won in North America towards the end of 2016.

Bunzl, which grows mainly by acquiring smaller businesses, has made more than 150 deals globally since 2004.

In 2017, Bunzl spent 616 million pounds on deals.

Reporting by Esha Vaish and Rahul B in Bengaluru; Editing by Sunil Nair and Gopakumar Warrier

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