Bunzl Q3 trading statement and acquisition in Canada
Bunzl plc, the international distribution and outsourcing Group, today announces its trading statement for the period since 30 June 2015.
Overall performance is consistent with expectations at the time of the half year results announcement in August. At constant exchange rates, Group revenue for the third quarter has increased 4% compared to the same period last year due to the impact of acquisitions. Underlying revenue for the quarter was at the same level as last year and was also consistent with the second quarter of this year.
There has been no significant change in Bunzl’s financial position during the period and the Group continues to have substantial funding headroom available. Growth through acquisitions is an important part of the ongoing strategy of Bunzl. With an active acquisition pipeline and ongoing discussions taking place, the Company expects to complete a number of additional acquisitions during the rest of the year.
The purchase of Meier Verpackungen in Austria, that was announced on 24 August 2015, has recently been completed following clearance of the transaction by the Austrian competition authority and today the Company is also announcing the acquisition of the business of Planet Clean Canada Inc. Based in Vancouver, British Colombia and operating throughout Western Canada, Planet Clean is principally engaged in the sale and distribution of cleaning and hygiene supplies and equipment to a variety of customer markets including the healthcare, hospitality, food processing, government, building maintenance and industrial sectors. Revenue in 2014 was C$25.6 million.
Commenting on the acquisition, Michael Roney, Chief Executive of Bunzl, said:
“The purchase of Planet Clean is another exciting development for our business in Canada. It is the sixth acquisition that we have made in the Canadian cleaning and hygiene sector since November 2013 as we have continued to build a national business in this important market. We are pleased to welcome their employees to the Group.”
|Michael Roney, Chief Executive
|Brian May, Finance Director
|Tel: +44 (0)20 7725 5000
|Tel: +44 (0)20 7353 4200