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28 Feb 2022
Bunzl plc

Annual results for year ended 31 December 2021

Bunzl plc, the specialist international distribution and services Group, today publishes its annual results for the year ended 31 December 2021.

Financial results



Growth as reported

Growth at constant exchange






Adjusted operating profit*





Adjusted profit before income tax*





Adjusted earnings per share*





Dividend for the year






Statutory results





Operating profit





Profit before income tax






Highlights include: 

  • Strong revenue growth of 7.1% at constant exchange rates, with recovery in the base business and acquisitions more than offsetting expected declines in Covid-19 related sales; revenue at constant exchange rates 17.1% higher than in 2019
  • Adjusted operating profit* increase of 2.8% at constant exchange rates and a rise in adjusted earnings per share* of 4.9%; reported operating profit up 0.8% and reported basic earnings per share up 3.0%
  • Continued strong cash generation with cash conversion* of 102%, and net debt to EBITDA of 1.6 times with substantial headroom for acquisition growth
  • Total 2021 dividend per share growth of 5.4%; 29th consecutive year of dividend growth
  • 14 acquisitions announced in 2021 with committed spend of £508 million; c.£950 million of committed acquisition spend over 2020 and 2021 combined; active pipeline

Commenting on today’s results, Frank van Zanten, Chief Executive Officer of Bunzl, said:

“I am proud of the Group’s performance during 2021 and how Bunzl continues to demonstrate the strength of its business model and strategy and also the entrepreneurial spirit of our people who have met the challenges of the pandemic and driven the business forward. Our adjusted operating profits in 2021 were 23% higher than in 2019, at constant exchange rates, driven by both underlying revenue growth and acquisition revenue growth, with almost £1 billion of committed acquisition spend over this two year period. Those sectors most impacted by the pandemic, such as retail and foodservice, are recovering strongly, supported by inflation, and Bunzl continues to benefit from enhanced hygiene trends. I am pleased that we have made good strategic progress despite pandemic-related challenges, particularly with the acceleration of our sustainability ambitions. In 2021 we joined the UN’s race to zero and continued to help our customers transition products to more sustainable materials supported by our expert advice, data and innovation. Bunzl has further strengthened its value-added proposition through the pandemic and we look to the future with confidence given our consistent compounding growth strategy.”

*  Alternative performance measure (see Note 2).

◊  Growth at constant exchange rates is calculated by comparing the 2021 results to the 2020 results retranslated at the average exchange rates used for 2021.

∆    The Board is recommending a 2021 final dividend of 40.8p per share. Including the 2021 interim dividend per share of 16.2p the total dividend per share of 57.0p represents a 5.4% increase compared to the 2020 total dividend per share.

†    At average exchange rates and based on historical accounting standards, in accordance with Group’s external debt covenants, which are unaffected by the adoption of IFRS 16 with effect from 1 January 2019.

ⱡ   Underlying revenue growth is revenue excluding the incremental impact of acquisitions and disposals compared to revenue in prior years at constant exchange and adjusted for differences in trading days between years.

♯ Base business defined as underlying revenue excluding the top 8 Covid-19 related products (masks, sanitisers, disposable gloves, disinfectants, coveralls, disposable wipes, face shields and eye protection). 


Bunzl plc


Frank van Zanten, Chief Executive Officer

Richard Howes, Chief Financial Officer

Sunita Entwisle, Head of Investor Relations

Tel: +44 (0)20 7725 5000

Martin Robinson

Olivia Peters

Tel: +44 (0)20 7353 4200


Note: A webcast of today’s presentation to analysts and investors will be available on commencing at 9.30 am.

Annual results for the year ended 31 December 2021