Bunzl Trading Consistently With Views, Buys W. Van't Veer Verpakkingen

Bunzl PLC (BNZL.LN), the international distribution and outsourcing Group, said Tuesday overall trading has been consistent with expectations at the time of the half year results announcement in August, and added that it has purchased W. Van't Veer Verpakkingen B.V. from a privately owned company controlled by Paul Mijnen.

MAIN FACTS:

-Group revenue for the third quarter is up 6% compared to the same period last year, while it has increased 3% year to date.

-Excluding the previously announced one-off positive impact from the sale of products related to H1N1 prevention last year, underlying revenue growth for the third quarter was 1%, the same level as the first half of 2010.

-In relation to the third quarter, North America the strong underlying revenue growth was at a similar level to the first half, although margin pressure has continued.

-Revenue in the U.K. and Ireland has remained below 2009 due to the persisting difficult economic conditions, however margins have improved.

-Continental Europe revenue and operating profit in 2009 were positively impacted by the sale of H1N1 prevention products; After adjusting for this impact, both revenue and operating profit were ahead of the prior year, principally due to the impact of acquisitions.

-In the Rest of the World, the combination of strong underlying revenue growth and margin improvement has led to excellent profit growth compared to the same period last year.

-W. Van't Veer Verpakkingen is based in the Netherlands and is principally engaged in the sale of cleaning and hygiene and catering disposable products predominantly to the healthcare sector; Revenue in the year ended Dec. 31 was EUR9.0 million and the gross assets acquired are estimated to be EUR3.9 million.

-There has been no significant change in Bunzl's financial position during the period and the Group continues to have substantial funding headroom available.

-Shares on Monday closed at 772 pence.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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