Full year numbers from value added distributor Bunzl were published this morning. The company is one of a rare breed who has managed to increase dividends consistently, with today’s news of an 8.9% uptick marking the 31st consecutive year of growth in investor distributions, but investors gave the news a lukewarm response. Profits were up, whilst revenues slipped although remained above pre-COVID levels. News of more acquisitions may however be raising some wariness. The stock was down almost 5% just over an hour into the day.
The supply chain partner’s board of directors recommended a private equity buy out last month but this morning the tabled offer was increased by more than 6% to 480p whilst news of a rival bid also emerged. Shares have jumped as a result and now sit at around the 500p mark, up more than 11% in early trade, suggesting that the competing offer could have legs.
The company may have only been listed for just over two years but shares in Hydrogen Utopia International jumped 34% by mid-morning after announcing that a heads of terms had been signed for a reverse takeover of the business. Shares are now heading back towards the market debut price which will arguably offer long term investors something to cheer.
Headlines we expect on Tuesday:
Unite
Group full year results
This time last year Adjusted Earnings £163.4m, Dividend 32.7p, Portfolio valuation £5690m
Smith
& Nephew full year results
This time last year Revenue £5215m, FY23 revenue growth forecast 5%-6% (upgraded to 6%-7% in Q3 results), FY23 trading profit margin forecast 17.5%
