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24 Aug 2015

Half yearly financial report for six months ended 30 June 2015

Bunzl plc, the international distribution and outsourcing Group, today publishes its half yearly financial report for the six months ended 30 June 2015.

Financial results H1 15 H1 14 Growth
as reported
at constant
Revenue £3,135.2m £2,938.7m 7% 5%
Adjusted operating profit* £208.4m £197.2m 6% 5%
Adjusted profit before income tax* £187.0m £176.6m 6% 6%
Adjusted earnings per
41.4p 39.0p 6% 6%
Interim dividend 11.75p 11.00p 7%  
Statutory results        
Operating profit £168.5m £152.9m 10%  
Profit before income tax £147.1m £132.3m 11%  
Basic earnings per share 32.1p 27.5p 17%  

Highlights include:

  • Committed acquisition spend year to date of £241 million on 14 businesses, including the four acquisitions announced today, with entry into two new countries, Turkey and Austria
  • Good increases at constant exchange rates in revenue, adjusted operating profit* and adjusted earnings per share*
  • Group operating margin of 6.6% at same level as last year at constant exchange rates
  • Operating margins up in Continental Europe and UK & Ireland with the margin in North America stable and the margin down in Rest of the World due to challenging macroeconomic conditions and some negative foreign exchange transaction impact in certain markets
  • Continued strong cash conversion with operating cash flow to operating profit* of 96%
  • Long track record of dividend growth continues with an increase of 7% in the interim dividend

* Before intangible amortisation and acquisition related costs
Before acquisition related costs

Commenting on today's results, Michael Roney, Chief Executive of Bunzl, said:

"Bunzl has produced another good set of results due to a combination of organic revenue growth, the impact of recent acquisition activity and the continued focus on improving the efficiency of our operations. Our consistent and proven strategy has once again delivered a successful period of growth for the Group.

There has been an excellent level of acquisition activity so far this year. With a promising pipeline of opportunities and ongoing discussions taking place, we expect to complete a number of additional acquisitions during the rest of the year."


Bunzl plc Tulchan
Michael Roney, Chief Executive David Allchurch
Brian May, Finance Director Stephen Malthouse
Tel: +44 (0)20 7725 5000 Tel: +44 (0)20 7353 4200


Half yearly financial report for six months ended 30 June 2015


A live webcast of today's presentation to analysts will be available on commencing at 9.30 am. If you require a hard copy of this report, a copy is available at or please contact the company by email ( or telephone (+44 (0)20 7725 5000).