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29 Aug 2017
Bunzl plc

Half yearly financial report for six months ended 30 June 2017

Bunzl plc, the international distribution and outsourcing Group, today publishes its half yearly financial report for the six months ended 30 June 2017.

Financial results H1 17 H1 16 Growth
as reported
at constant
Revenue £4,119.2m £3,446.8m 20% 7%
Adjusted operating profit* £272.6m £235.1m 16% 4%
Adjusted profit before income tax* £248.3m £210.6m 18% 5%
Adjusted earnings per
55.1p 46.2p 19% 7%
Interim dividend 14.0p 13.0p 8%  
Statutory results        
Operating profit £206.2m £180.1m 14%  
Profit before income tax £181.9m £155.6m 17%  
Basic earnings per share 40.0p 33.8p 18%  

Highlights include:

  • Good increases at constant exchange rates in revenue, adjusted operating profit* and adjusted earnings per share*
  • Organic revenue growth increased to 3.7%
  • Group operating margin* down 20 basis points to 6.6%, principally due to the impact of lower margin business won in North America
  • Eleven acquisitions announced to date, including one announced today, with a total committed spend of £546 million
  • Return on average operating capital of 54.3% with return on invested capital of 16.4%
  • Continued strong cash conversion (operating cash flow to adjusted operating profit*) of 96%
  • 24 year track record of dividend growth continues with an increase of 8% in the interim dividend

* 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. I am particularly pleased to report a significant pick up in the level of organic revenue growth to 3.7% during the first half of 2017 following the previously announced new business win in North America last year.

It is also good to see that acquisition activity, which continues to be an important part of our growth strategy, has accelerated in 2017. With four months of the year remaining, we are already at a record level of annual committed spend of £546 million including two larger businesses, being DDS in the US and the proposed acquisition of the Hedis group in France.

Looking forward, we are confident that the prospects for the Group are positive and that the Company will continue to grow and develop further both organically and through acquisition.”


Bunzl plc Tulchan
Frank van Zanten, Chief Executive Martin Robinson
Brian May, Finance Director Jessica Reid
Tel: +44 (0)20 7725 5000 Tel: +44 (0)20 7353 4200

Half yearly financial report for six months ended 30 June 2017