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28 Aug 2018
Bunzl plc

Half yearly financial report for 6 months ended June 2018

Bunzl plc, the specialist international distribution and services Group, today publishes its half yearly financial report for the six months ended 30 June 2018.

Financial results H1 18 H1 17 Growth
as reported
at constant
Revenue £4,343.7m £4,119.2m 5% 12%
Adjusted operating profit* £285.0m £272.6m 5% 10%
Adjusted profit before income taxΔ £257.9m £248.3m 4% 10%
Adjusted earnings per shareΔ 59.4p 55.1p 8% 14%
Interim dividend 15.2p 14.0p 9%  
Statutory results        
Operating profit £210.8m £206.2m 2%  
Profit before income tax £197.3m £181.9m 8%  
Basic earnings per share 45.1p 40.0p 13%  

Highlights include:

  • Double digit percentage increases at constant exchange rates in revenue, adjusted operating profit* and adjusted earnings per shareΔ
  • Organic revenue growth increased to 5.2%
  • Group operating margin* unchanged at 6.6%
  • Four acquisitions announced to date, including one announced today, with a total committed spend of £132 million; disposal of two non-core businesses in France and the UK
  • Return on average operating capital of 52.0% with return on invested capital of 15.4%
  • Continued strong cash conversion (operating cash flow to adjusted operating profit*) of 94%
  • 25 year track record of dividend growth continues with a 9% increase in the interim dividend
* Before customer relationships amortisation and acquisition related items (see Note 1 on pages 25 to 27)
Δ Before customer relationships amortisation, acquisition related items, disposal of businesses and associated tax where relevant (see Note 1 on pages 25 to 27)
Before acquisition related items (see Consolidated cash flow statement)

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

“Bunzl has delivered another good set of results with double digit increases at constant exchange rates in revenue, adjusted operating profit and adjusted earnings per share.  I am particularly pleased to report a further improvement in the level of organic revenue growth to 5.2% during the first half of 2018.

Looking forward to the rest of the year, the Board is confident that the prospects for the Group are positive and that the Company will continue to develop the business and build shareholder value through a combination of organic growth and further acquisitions as the year progresses.”


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

Half yearly financial report for six months ended 30 June 2018


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