Half yearly financial report for six months ended 30 June 2016

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30 Aug 2016
Bunzl plc

Half yearly financial report for six months ended 30 June 2016

Bunzl plc, the international distribution and outsourcing Group, today publishes its half yearly financial report for the six months ended 30 June 2016.

Financial results H1 16 H1 15 Growth
as reported		 Growth
at constant
exchange
Revenue £3,446.8m £3,135.2m 10% 6%
Adjusted operating profit* £235.1m £208.4m 13% 9%
Adjusted profit before income tax* £210.6m £187.0m 13% 9%
Adjusted earnings per
share*		 46.2p 41.4p 12% 8%
Interim dividend 13.0p 11.75p 11%  
         
Statutory results        
Operating profit £180.1m £168.5m 7%  
Profit before income tax £155.6m £147.1m 6%  
Basic earnings per share 33.8p 32.1p 5%  

Highlights include:

  • Good increase at constant exchange rates in revenue, adjusted operating profit* and adjusted earnings per share*
  • Group operating margin* of 6.8% up 20 basis points at constant exchange rates with margins up in North America and Continental Europe and down in UK & Ireland and Rest of the World
  • Eight acquisitions announced to date in 2016, including three announced today, with committed spend of £101 million
  • Continued strong cash conversion with operating cash flow† to adjusted operating profit* of 97%
  • 23 year track record of dividend growth continues with an increase of 11% in the interim dividend

* Before customer relationship amortisation and acquisition related costs (see Notes 1 and 2)
†Before acquisition related costs (see Cash flow in the Financial Review)

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

“I am pleased that Bunzl has produced another good set of results with adjusted operating profit up 9% at constant exchange rates and an 11% increase in the interim dividend.

Following my appointment as Chief Executive in April this year, combined with almost 20 years’ experience with the Group, I believe that Bunzl has an excellent business model with an experienced management team executing a proven strategy.  Going forward, we will focus on further expansion of the Group, continuing our investments in IT and digital projects and intensifying the sharing of best practice across our businesses globally.

We continue to have a strong balance sheet and an active pipeline of opportunities for further acquisitions and expect to complete more transactions during the rest of the year.  The Board is confident that Bunzl’s well positioned businesses will develop further and that the prospects for the Group are positive.”

Enquiries:

Bunzl plc Tulchan
Frank van Zanten, 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 2016

Note:

A live webcast of today’s presentation to analysts will be available on the Company’s website at www.bunzl.com commencing at 9.30 am.