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26 Feb 2018
Bunzl plc

Annual results for the year ended 31 December 2017

Bunzl plc, the international distribution and outsourcing Group, today publishes its annual results for the year ended 31 December 2017.

Financial results 2017 2016 Growth
as reported
at constant
Revenue £8,580.9m £7,429.1m 16% 10%
Adjusted operating profit* £589.3m £525.0m 12% 6%
Adjusted profit before income tax* £542.6m £478.2m 13% 7%
Adjusted earnings per
119.4p 106.1p 13% 7%
Dividend for the year 46.0p 42.0p 10%  
Statutory results        
Operating profit £456.0m £409.7m 11%  
Profit before income tax £409.3m £362.9m 13%  
Basic earnings per share 94.2p 80.7p 17%  

Highlights include:

  • Good increases at constant exchange rates in revenue, adjusted operating profit* and adjusted earnings per share*
  • Organic revenue growth increased to 4.3%, the highest level since 2006
  • Group operating margin* of 6.9%, down 20 basis points principally due to the impact of the significant additional business won in North America
  • Record level of committed acquisition spend of £616 million on 15 businesses acquired
  • Return on average operating capital of 53.1% with return on invested capital of 16.0%
  • Continued strong cash conversion (operating cash flow to adjusted operating profit*) of 97%
  • 25 year track record of dividend growth continues with a 10% increase in the dividend for the year

*  Before customer relationships amortisation, acquisition related items and associated tax where relevant (see Note 1)
†  Before acquisition related items (see Consolidated cash flow statement)

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

“Bunzl has once again delivered good increases in revenue, adjusted operating profit and adjusted earnings per share due to a combination of an increased level of organic revenue growth and the impact of recently acquired businesses. 2017 was a record year for committed acquisition spend, which at £616 million significantly exceeded the previous high of £327 million achieved in 2015, and the pipeline of potential acquisitions for this year remains promising.

Looking forward, we believe that the prospects of the Group are positive due to our strong market position and our well established and successful strategy to grow both organically and by further consolidating the fragmented markets in which we compete.”


Bunzl plc Tulchan
Frank van Zanten, Chief Executive David Allchurch
Brian May, Finance Director

Martin Robinson

Tel: +44 (0)20 7725 5000 Tel: +44 (0)20 7353 4200

A live webcast of today’s presentation to analysts will be available on commencing at 9.30 am.

Annual results for the year ended 31 December 2017