30th Aug 2016 06:15
LONDON (Alliance News) - Bunzl PLC on Tuesday said revenue and profit both experienced material growth in the first six months of 2016 as the international distribution and outsourcing group also revealed it has acquired some new businesses.
Bunzl said pretax profit in the first six months of 2016 increased by 6.0% to GBP155.6 million from GBP147.1 million as revenue rose 10% to GBP3.44 billion from GBP3.15 billion.
Adjusted pretax profit, which excludes certain exceptional items, came in 13% higher than last year at GBP210.6 million, compared to GBP187.0 million.
Bunzl raised its interim dividend by 11% to 13.0 pence from 11.75p.
"We continue to have a strong balance sheet and an active pipeline of opportunities for further acquisitions and expect to complete more transactions during the rest of the year. The board is confident that Bunzl's well positioned businesses will develop further and that the prospects for the group are positive," said Chief Executive Frank van Zanten.
Bunzl also said it has acquired two companies in Canada and agreed to by another business in Hungary.
In Canada, Bunzl has purchased cleaning and hygiene product supplier Plus II Sanitation Suppliers Inc and another firm in a similar market named Apex Sanitation Products Ltd. The financial details of the deals were not published.
Bunzl also has agreed to purchase Silwell Kft, a Budapest-based company supplying a variety of disposable food service items. That acquisition is expected to close before the end of September.
By Joshua Warner; [email protected]; @JoshAlliance
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