Bunzl To Continue Buying Spree As Profits Rise
2010年8月31日 - 3:50PM
Dow Jones News
U.K.-based distribution and outsourcing group Bunzl PLC
(BNZL.LN) Tuesday said it will continue buying businesses as part
of its growth strategy, despite continuing difficult economic
conditions, as it posted an 8% rise in first-half pretax
profit.
Chief Executive Michael Roney said "in spite of the continuing
difficult economic conditions, I am pleased to report good growth
in profitability and continued strong operating cash flow for the
first half of 2010. This, combined with the resumption of
acquisition activity, which has resulted in us acquiring businesses
with annual revenues of GBP140 million so far this year, gives us a
platform and momentum for further growth."
First-half pretax profit, before intangible amortization and
acquisition related costs, to end-June rose 8% to GBP125.1 million
while revenue rose 2% to GBP2.34 billion.
Bunzl also reported underlying revenue growth of 5% in its
largest business area, North America, and said that group operating
margin improved due to significant increases in the U.K. &
Ireland and the Rest of the World.
It has made eight acquisitions, with annual revenues of GBP140
million, so far this year and announced two further ones
Tuesday.
Bunzl, based in London, provides outsourcing and distribution
for the grocery, food service, cleaning and safety, nonfood retail
and health care sectors. It supplies a broad range of nonfood
consumable products like catering equipment and vending machines,
as well as running distribution centers and delivery networks.
The company lifted its interim dividend by 8% to 7.15 pence per
share.
Bunzl shares closed Friday at 702 pence, giving it a market
value of GBP2.3 billion.
By Anita Likus, Dow Jones Newswires; +44 20 7842 9407;
anita.likus@dowjones.com
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