BZLFY Bunzl PLC (PK)

Bunzl PLC (BNZL.LN), the international distribution and outsourcing Group, Monday reported a 4% increase in profit for the year ended Dec 31, 2010.

MAIN FACTS:

-Profit before tax GBP225.2 million (2009: GBP216.0 million).

-Revenue GBP4,829.6 million (2009: GBP4,648.7 million).

-Adjusted operating profit GBP306.7 million (2009: GBP295.7 million).

-Adjusted profit before tax GBP276.2 million (2009: GBP257.8 million).

-Dividend for the year 23.35 pence (2009: 21.55 pence).

-Operating profit GBP255.7 million (2009: BP253.9 million).

-Improved underlying revenue growth in 2010.

-Acquisition spend of GBP126 million with nine acquisitions announced adding annualised revenue of GBP154 million.

-Significant expansion in Switzerland and entry into Israel.

-Continued strong cash flow with operating cash flow to operating profit of 93%.

-Organic growth was bolstered by acquisition activity.

-Looking ahead, believes that the opportunity for future development both organically and through acquisitions, combined with its market leading positions and its strong cash flow and balance sheet, should enable the Group to achieve further growth.

-In North America it anticipates good underlying revenue growth, albeit lower than the relatively high level of 2010, and margins should be stable.

-Looking ahead, in the U.K. & Ireland, in spite of the continuing difficult economic conditions, especially in Ireland and in those businesses selling to the public sector, expects an improved performance.

-Continental Europe should see better underlying revenue growth and the full year impact of acquisitions made in 2010 will enhance the overall results.

-The Rest of the World should also benefit from good underlying revenue growth and continued strong performance.

-Acquisition growth is a key element of strategy and the pipeline remains promising as Group continues discussions with a number of potential targets.

-Shares closed Friday at GBP7.56, valuing the Company at GBP2.5 billion.

-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; jana.weigand@dowjones.com

Bunzl (PK) (USOTC:BZLFY)
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