17th Oct 2013 07:05
LONDON (Alliance News) - Distribution and outsourcing company Bunzl PLC Thursday said it was continuing to trade in line with expectations as it bought Mexican catering equipment distributor Pro Epta for an undisclosed amount, further expanding its presence in Mexico after recent safety sector buys.
The company said revenues were up 12% in the third quarter at constant exchange rates, buoyed by acquisitions and underlying growth of about 2%.
It said its latest acquisition, based in Mexico City, distributes catering equipment throughout the country, mainly to luxury hotels and restaurants. Pro Epta is expected to make revenues of about GBP18 million in 2013, Bunzl said.
"The acquisition of Pro Epta further extends our business in Mexico into the catering equipment sector following the recent expansion into the safety sector with the acquisition of both Vicsa and Espomega," Bunzl Chief Executive Michael Roney said.
The company said its continued strong cash flow and balance sheet means it'll continue taking opportunities to acquire in its fragmented markets.
Bunzl shares were down 0.8% at 1,318 pence early Thursday.
By Steve McGrath; [email protected]; @stevemcgrath1
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