Final Results

Bunzl PLC
26 February 2001


                                                      Monday, 26 February 2001


                       PRELIMINARY ANNOUNCEMENT FOR THE

                         YEAR ENDED 31 DECEMBER 2000

Bunzl plc, the international Group supplying business to business consumables,
today announces its audited results for the year ended 31 December 2000.

Highlights:
*   continuing operations' sales up 22% to £2,493 million (1999: £2,049
    million) and
    operating profit before goodwill amortisation up 23% to £189.0 million
    (1999: £154.2 million)
*   profit before tax, goodwill amortisation and exceptional items up 16% to £
    178.2 million
    (1999: £153.5 million)
*   adjusted earnings per share increased 16% to 25.0p (1999: 21.6p)
*   dividend for the year increased to 9.4p (1999: 8.3p)
*   £171 million spent on acquisitions
*   continued strong sales and profit growth in Outsourcing Services



Commenting on the results, Anthony Habgood, Chairman, said:

'This is another excellent set of results reflecting the positioning and
quality of our businesses. We are expanding our services to both new and
existing customers by using our recognised expertise in providing outsourcing
solutions and supplementing the resulting sound organic growth with focused
acquisition activity.'

Enquiries
Bunzl plc                                          Finsbury

Anthony Habgood, Chairman                          Roland Rudd

David Williams, Finance Director                   Morgan Bone

Tel: [phone]                                 Tel: [phone]



RESULTS



Excellent results across the Group were achieved as a result of good operating
performance combined with acquisition activity, price inflation and net
favourable currency movements. Sales of continuing operations rose 22% to £
2,492.7 million (1999: £2,049.2 million) with total sales up 18% to £2,503.6
million (1999: £2,128.6 million). Operating profit before goodwill
amortisation increased 18% to £190.7 million (1999: £161.2 million) while that
on continuing operations rose 23% to £189.0 million (1999: £154.2 million).
After a profit on the sale of discontinued operations of £7.1 million (1999: £
0.2 million), a loss on the disposal of fixed assets of £4.8 million (1999: £
nil) and an interest charge of £12.5 million (1999: £7.7 million), profit
before tax was 15% higher at £173.4 million (1999: £150.5 million). Earnings
per share increased 14% to 23.7p (1999: 20.7p) while adjusted earnings per
share, after eliminating the effect of the profit on the sale of discontinued
operations, the loss on disposal of fixed assets and goodwill amortisation,
rose 16% to 25.0p (1999: 21.6p).

After spending £171 million on acquisitions and raising £12 million from
disposals, net debt increased to £240.4 million (1999: £100.0 million) as the
underlying businesses continued to generate cash. Shareholders' funds rose to
£395.1 million (1999: £325.6 million) and gearing increased to 60.8% (1999:
30.7%).



DIVIDEND

The Board has decided to increase the final dividend to 6.35p (1999: 5.55p).
This brings the total dividend for the year to 9.4p (1999: 8.3p), an increase
of 13%. Shareholders will again have the opportunity to participate in our
dividend reinvestment plan.



STRATEGY

The Group has followed a consistent strategy of focusing its resources on
areas where it has, or can develop, real competitive advantage and which have
sound organic growth potential. This has resulted in a major change in the
Group's structure over the last nine years. Businesses accounting for over
half of the sales at the beginning of that period have been disposed of and
the Group is now comprised of a smaller number of larger business areas most
of which are international and continuing to develop through a combination of
good organic growth and acquisition. This evolution has given the Group an
increasing focus on providing business to business consumables with each
business area becoming increasingly service oriented. This made our move into
the Support Services sector at the end of 1998 a timely reflection of the
Group's continuing evolution.



ACQUISITIONS

The Group spent £171 million on acquisitions during the year the majority of
which were in Outsourcing Services. In January we acquired Davidson Plastics,
a profile extrusion operation based in the US Pacific North West, which has
enhanced our overall position in that business. In April we complemented
Outsourcing Services in the UK with the acquisition of Shermond, a specialist
supplier of gloves and other disposable products to the healthcare and hygiene
sectors. In July we purchased Greenham Trading which is primarily involved in
the distribution of supplies including cleaning and hygiene, personal
protection and construction consumables. Based in the UK with operations also
in Denmark, Ireland and Germany, it significantly enhances our strong position
in cleaning and hygiene supplies and develops our growing business in personal
protection products. In August we further developed our position in
Outsourcing Services in Ireland with the purchase of Allegro, a leading
distributor of cleaning and hygiene supplies.

In a significant strategic move in the US, we completed the acquisition of
Koch Supplies in December. Koch is a high quality business supplying packaging
materials and personal protection equipment across the US and greatly
strengthens our rapidly growing activities supplying the food processor and
packing industry. Also in our US Outsourcing Services business in December we
acquired Schrier Brothers, one of the largest redistributors in the North
East, thereby adding a strong presence in that region to our existing
redistribution operations.

In February 2001 we acquired ICCS MacGregor, a distributor of supplies to
hotels, nursing homes and contract cleaners in Scotland. It had sales of £17
million in 2000 and net assets of £1.7 million at 31 December. It further
strengthens our position in Outsourcing Services in the Scottish market.



DISPOSALS

In October we completed the disposal of Filtrona's instruments business. Based
in the UK with sales worldwide, it was our only capital equipment business and
as such was becoming less relevant to the evolving business to business
consumables focus of the Group. Disposals during the period raised £12
million.



OPERATING PERFORMANCE

Group margin at 7.6% was the same as that in 1999 as the healthy increase in
sales was matched by strong profit performance by our operating companies.
Margin on continuing operations increased from 7.5% to 7.6% as profits grew
23% on sales up 22%. Existing businesses, that is before the impact of
acquisitions and disposals made during the year, achieved an increase in
profits of 18% on sales up 17%. The return on capital employed excluding
goodwill for the Group as a whole rose from 36.7% to 38.1%.

Outsourcing Services once again produced an outstandingly good result with
profits up 27% on sales up 25%. Good volume growth supplemented by targeted
acquisitions further strengthened our largest and most successful business
area. The organic growth was fuelled by the increasing number of our customers
seeking to buy all of their needs from us often on a totally outsourced basis.
The results were also enhanced by price inflation and an increase in the value
of the US dollar, although the weakening of the euro and the Australian dollar
reduced the sterling results from those regions. Filtrona also benefited from
the increased outsourcing of multiple filters. Sales and operating profit rose
a very creditable 7% reflecting good growth of volumes both of special filters
and tear tape. Paper Distribution's profit increased by 6% on sales up 9% due
to both price rises and an increase in the volume of paper distributed. In
Plastics profits rose 26% on sales up 28% as high levels of organic growth
were supplemented by the favourable impact of acquisitions and the stronger
dollar. Plastics' operations in North America, South America and Europe all
saw substantial increases in both sales and profit.

The sales and operating profit of Filtrona's instruments business and of its
small Spanish monoacetate operation, which was closed during the year, are
included in discontinued operations.



INVESTMENT

Investment across the Group has once again exceeded depreciation. Facilities
have been expanded, refurbished and upgraded improving both capacity and
efficiency. We have continued to invest substantially in computer systems
focusing on improving existing systems, installing them in newly acquired
companies and, in certain areas, for example Filtrona, introducing totally new
systems and rolling them out across the relevant business. These improvements
have enhanced our systems infrastructure and e-commerce capability.

We believe that maintaining an up-to-date asset base is a priority as it
enhances our market position and enables us to service our customers better
thereby providing us with a source of real competitive advantage.



PROSPECTS

Good organic growth which has been a consistent factor in the successful
development of our main businesses should continue given the ongoing trends
towards outsourcing, our positioning to satisfy customers' requirements for
ever increasing service levels and our ability to win new customers. Prices
for many of the products we supply rose slightly during 2000 as a whole and
currently appear to be more stable as we go into 2001.

The Group's continued strong underlying performance reflects the positioning
and quality of our businesses. We are expanding the service we supply to both
new and existing customers by utilising our recognised and developing
expertise in providing outsourcing solutions and enhanced customer service.
This expertise, combined with the successful integration of recent
acquisitions and our ability to capitalise on further opportunities for
expansion by acquisition, enables us to have confidence in the satisfactory
development of the Group.



OPERATIONAL REVIEW

Outsourcing Services

Operating across North America, Europe and Australia, Bunzl is the leading
supplier of a range of business to business consumable products including
outsourced food packaging, disposable supplies and cleaning and hygiene
products for supermarkets, caterers, hotels, contract cleaners and other
industrial uses.

Good growth in Bunzl's largest and most successful business area once again
led to record results. Volume growth, combined with acquisition activity,
price inflation and net favourable exchange rate movements, increased profits
by 27% on sales up 25%. Customers appreciate our specialist knowledge,
efficiency and competitive pricing while operating costs have continued to
fall in proportion to sales as a result of big increases in efficiency, driven
by both electronic technologies and new methods of working.

Strong organic growth continued in North America, primarily as a result of
many US companies outsourcing more of their supplies and disposables needs as
they have become increasingly aware of the inherent costs of handling these
products themselves. A fully computerised warehousing and distribution system
enables us to monitor their requirements and deliver products only when they
are needed. As a result a growing number of customers are asking us to provide
them with this service. Distribution can be direct to each of their outlets,
to their own warehouse or via cross docking, where orders for individual
outlets are picked, palleted, labelled and delivered to the customer's
warehouse and then transferred directly across the dock for immediate loading
onto the customer's truck for onward delivery. With operating costs to sales
at an all time low, customers are able to choose the most efficient service
for their needs.

Bunzl is the largest distributor in North America of supermarket supplies,
providing almost all the supplies a supermarket needs to operate but does not
actually sell including plastic and paper packaging and bags, labels,
accessories and cleaning materials used throughout the store, especially in
the fresh fruit, meat, bakery and delicatessen sections. There has been
healthy organic growth in this business due to the growth in supermarkets
themselves, the increase in fresh and freshly prepared foods, the increasing
number of them outsourcing disposable packaging and the fact that we remain
highly competitive. The rise in popularity of takeout foods has added to the
increase in volumes as supermarkets now carry comprehensive ranges of ready to
heat and ready to eat meals, which can either be consumed immediately or taken
home for reheating. The specialist packaging for these products needs to be
attractive as well as microwave, freezer and/or oven proof. Products are often
supplied on a totally outsourced basis as supermarkets rarely want to maintain
bulky stocks of these items in their own stores taking up valuable selling
space.

A logical extension of the supermarket business is our development in the food
processing area. Here we provide packaging and other supplies to a wide range
of customers varying from large meat packers to small local preparers of ready
to eat meals. Following our decision to focus on this area we have succeeded
in achieving substantial organic growth. This was supplemented by the
acquisition in December of Koch, a high quality supplier to the US food
processing industry. This acquisition, which extends our product coverage to
include a broad range of, for example, personal protection equipment, will
enable us to provide a full service to this growing end user market.

In the redistribution business, we are a major distributor of supplies to a
large number of sub-distributors who sell on to outlets with a particular
geographic or end user focus. During December we completed the acquisition of
Schrier Bros in Connecticut which greatly strengthens our presence in New
York, New Jersey and New England. We also trialled internet ordering on the
West Coast during the summer. This has proved successful and we are now in the
process of rolling it out across the country. As existing customers switch
over to internet ordering we have seen order sizes increase. These orders link
into our internet enabled system and represent a further development of our
highly successful EDI programme allowing e-commerce to be effective also for
smaller customers.

Our European business has once again experienced healthy expansion as a result
of organic growth and acquisition. The organic growth was principally due to
the success of the partnership approach we adopt with our customers and
suppliers. Contract caterers, hotel groups, supermarkets, contract cleaners
and industrial and medical customers all contributed to the increase during
the year. With significant operations across Europe, we are well positioned as
the logical partner for key international customers and suppliers and this
strong position gives us a good base for future growth.

In our hotel and catering supplies business the growth was all organic, with
strong results from Germany, the UK and Holland. Our German business, which we
acquired in 1997, and which supplies leading catering and hotel groups and
bakery and delicatessen chains with food packaging supplies, had a record year
and grew significantly in both sales and profits. It has established itself as
a leader in its sector. We also developed our leading position in the UK
catering and hotel markets with a number of significant new contracts. Our
business in Benelux, which is focused on the supply of catering supplies and
guest amenities to hotels, contract caterers and other food service outlets,
also performed well and was able to extend its contracts with key customers.

In retail and medical we have successfully integrated recent acquisitions and
growth has been strong. The retail business focuses on the import and supply
of carrier bags, packaging and other supplies to supermarkets, department
stores and other retailers. This business saw the highest organic growth rates
in our European business and has benefited from the experience we have built
up over many years in the US as there is an increasing trend in the UK and
continental Europe for a full outsourcing service. We now supply over a dozen
supermarket groups in the UK and have been successful in developing this
business in Australia. Shermond, which we bought in April, specialises in the
supply of medical disposables such as latex gloves and has successfully
developed its business with the UK health sector. These businesses
increasingly source products on a global basis.

Our cleaning and industrial supplies business continued its strong growth
particularly as a result of the acquisition of Greenham. This addition not
only added significantly to our cleaning and hygiene business but also has
given us a substantial position in the personal protection equipment market.
The business has settled in well under Bunzl ownership and the management has
been integrated with our existing team. Its subsidiaries in Germany, Denmark
and Ireland and the purchase of Allegro in August also in Ireland have
strengthened our position in the eurozone.

We are also growing our vending services business, Provend. This business
supplies, operates and services vending machines and equipment with particular
strengths with the major UK retailers and with blue chip customers in the City
of London. Here, we have been able to take advantage of the trend to fresh
gourmet coffee with the introduction of our bean-to-cup machine and service
offering. Provend operates largely as a stand-alone entity, while at the same
time benefiting from synergies in purchasing, IT and key account management.
Acquired in 1999 with an associated catering supplies business, it has
performed well during the year.



Filtrona

Filtrona is the world's leading supplier of outsourced cigarette filters
especially for the growing low tar market while SupastripO is the leading
brand of self-adhesive tear tape. We are also the world's leading supplier of
ink reservoirs and certain other bonded fibre products.

With both sales and profits up 7%, Filtrona had a good year. Once again we
experienced organic growth of multiple filters, largely attributable to the
growth in low tar smoking. This trend benefits us as the larger cigarette
companies, which tend to produce basic monoacetate filters themselves, prefer
to outsource the supply of special, or multiple, filters. These are more
complex in their design and manufacture, incorporating other filter media such
as carbon and paper and are produced at slower speeds.

The year saw considerable success in North America and Europe as a result of
growth in filters and fibre products. We invested in further high performance
multiple filter production machinery on both sides of the Atlantic. In Europe,
growth from our Jarrow site in the UK and our Hamburg operation was driven by
an increase in the use of special filters, with the launch of new brands in
Eastern Europe many of which incorporate carbon duals or newer filter types
such as long recessed filters for Papirossi style cigarettes. In the autumn we
moved to a new plant in Richmond, Virginia largely for the fibres business
which supplies ink reservoirs for both pens and printers, medical device
components, such as the wicks for pregnancy testing kits, and household
products. Production here and in Europe of these products is continuing to
contribute to the growth of the business.

A successful first full year of operation in Venezuela assisted our growth in
South America. Asia also grew both sales and profits with Indonesia and
Thailand performing well and India benefiting from the switch from traditional
viscose filters.

We are the world's leading producer of self-adhesive tear tape which is used
to open film over-wrapped consumer products. A new coater for tear tape was
formally commissioned in the UK in March and has considerably increased our
capacity to meet strongly growing demand and a new finishing facility began
production in India in the last quarter. Demand growth came particularly from
the Americas and from value added products. Our Supastrip ImpactTM tape can
incorporate multicoloured text or images. This development in print technology
presents a number of marketing, brand promotion and security opportunities for
our customers, which should stimulate the market further.

Innovation and systems continue to be a key part of our strategy for the
future. Product innovations in tear tape for brand promotion and security are
being developed in Nottingham. Also in the UK, the Filtrona Technology Centre
continues to work on new filters for specialist applications, while in
Richmond, Virginia our activities remain focused on exciting new fibres
developments. A new computer system has been rolled out successfully across
most Filtrona locations worldwide. With completion scheduled to be on time in
2001, benefits are already being felt across the business area.



Paper Distribution

Bunzl is one of the largest independent fine paper merchants in the UK and
Ireland distributing a wide range of high quality printing, writing and copier
papers primarily to printers.

During the year profits rose by 6% on sales up 9%. This sales growth was
driven by price rises and an increase in the volume of paper distributed.

Our products include a wide range of high quality papers and printable
plastics which are supplied in reel or sheet form for a variety of end uses.
These include annual reports and brochures, restaurant menus and point-of-sale
signage for retail outlets. We stock products in a variety of sizes, colours,
weights and finishes in an extensive national network of over 30 branches
allowing us to deliver most items requested by printers on a just-in-time
basis wherever they are in the country.

As in our other business areas, our philosophy in Paper Distribution is to
provide what customers want when they want it. To this end we are running a
pilot scheme of night-time deliveries to improve our service offering and
achieve better utilisation of our existing fleet during quieter times on the
roads with a view to rolling this out further if successful. During the year,
as part of our customer service commitment, we established a national accounts
team dedicated to corporate and national accounts growth.

Our new digital paper business continued to have a positive impact and we have
been appointed as exclusive fine paper distributor for Agfa products. Digital
printing is ideal for high quality, short print runs or for documents that
need to be personalised. With its fast short run capabilities, it is becoming
a widely used method of printing and we expect this market to grow
significantly. Several other initiatives were launched during the year,
including entry into the graphical board and web offset markets. Both these
areas have good growth potential.

After a successful trial in Scotland, we rolled out 21st Century Paper
Management in London. This is a drop-off service for high quality paper
consumables, servicing offices and other non-printing businesses to meet the
growing demand for paper from in-house printing facilities.

We opened a new warehouse in Manchester which will allow for further growth in
our Europoint plastic and vinyl products distribution operation through
greater stockholding and expanded conversion facilities.



Plastics

Bunzl is a world leader in plastic caps and plugs for protecting engineering
products in manufacture or transit. We are also a leading extruder of custom
plastic profiles for a range of uses including transport, lighting and retail.

This business area saw excellent growth during the year with profits up 26% on
sales up 28%. Organic growth was very healthy and, despite the strength of the
dollar and sterling, export sales grew well. Throughout the business area we
are increasing the value-added elements of our product offering. This ranges
from improving our ability to deal with small customers and small orders,
through system improvements and the local ordering of catalogue products, to
customer specific finishing and assembly of extruded parts.

Caps and plugs grew in both Europe and North America. We have consolidated
Moss's production onto a single site. This, combined with an extended
catalogue and the new warehouse and computer system, enables us to give an
enhanced service to our European customers. In both Europe and the US, local
parts centres are proving successful and, as part of an ongoing programme, we
have set up a new centre in Monterrey, Mexico and one in the Mid West.

Growth also came from the extrusion businesses in the US and Europe with the
former being supplemented by the acquisition in January of Davidson in
Seattle, a profile extrusion business which complements our existing
operations in the Pacific North West. We successfully opened a new extrusion
plant in Monterrey, Mexico in July, specifically to follow our existing
lighting customers there from the US and we are expecting the customer base of
this facility to broaden. A small extrusion facility in Alabama has been
closed and the production moved to our extended plant in Columbia, South
Carolina. Our extrusion facility in the Netherlands has been expanded to allow
for increased demand, especially for scanning profiles in the retail market.
Morane, our UK extrusion lamination business, continued to increase sales and
profits and we have invested in a new extruder and larger facilities in
Banbury.

Our business in Brazil, where we are one of South America's leading suppliers
of cosmetics and toiletry packaging, performed strongly. The relatively
buoyant economy provided a favourable backdrop against which we succeeded in
winning considerable new business. The main facility which was newly
constructed three years ago has been further expanded to accommodate the
increased level of business.



                     CONSOLIDATED PROFIT AND LOSS ACCOUNT

                     FOR THE YEAR ENDED 31 DECEMBER 2000

                                                    2000           1999

                                                      £m            £m
Sales
Existing businesses                              2,407.0       2,049.2
Acquisitions                                        85.7
Continuing operations                            2,492.7       2,049.2     +22%
Discontinued operations                             10.9          79.4
Total sales                                      2,503.6       2,128.6     +18%
Operating profit
Existing businesses                                177.7         151.0
Acquisitions                                         4.2
Continuing operations                              181.9         151.0     +20%
Discontinued operations                              1.7           7.0
Total operating profit                             183.6         158.0     +16%
Profit on sale of discontinued operations            7.1           0.2
Loss on disposal of fixed assets                    (4.8)            -
Profit on ordinary activities before interest      185.9         158.2
Net interest payable                               (12.5)         (7.7)
Profit on ordinary activities before taxation      173.4         150.5     +15%
Profit before taxation, goodwill amortisation
and exceptional items                              178.2         153.5     +16%
Taxation on profit on ordinary activities          (64.9)        (56.2)
Profit on ordinary activities after taxation       108.5          94.3
Profit attributable to minorities                   (0.6)         (0.6)
Profit for the financial year                      107.9          93.7
Dividends paid and proposed                        (43.0)        (38.0)
Retained profit for the financial year              64.9          55.7
Earnings per share                                   23.7p         20.7p   +14%
Adjusted earnings per share                          25.0p         21.6p   +16%
Diluted earnings per share                           23.5p         20.5p   +15%
Dividends per share                                   9.4p          8.3p   +13%



                          CONSOLIDATED BALANCE SHEET

                             AT 31 DECEMBER 2000

                                                            2000       1999

                                                              £m         £m
Fixed assets
Intangible assets - goodwill                               203.6       82.9
Tangible fixed assets                                      215.2      176.5
Associated undertakings                                     12.8       13.7
Investments                                                 15.0        9.6
                                                           446.6      282.7
Current assets
Stocks                                                     218.0      181.3
Debtors: amounts receivable within one year                403.7      344.1
Debtors: amounts receivable after more than one year        22.0       15.5
Investments                                                 16.7       11.7
Cash at bank and in hand                                    37.1       24.5
                                                           697.5      577.1
Current liabilities
Creditors: amounts falling due within one year            (569.5)    (362.4)
Net current assets                                         128.0      214.7
Total assets less current liabilities                      574.6      497.4
Creditors: amounts falling due after more than one year   (126.4)    (120.9)
Provisions for liabilities and charges                     (50.8)     (49.0)
Net assets                                                 397.4      327.5
Capital and reserves
Called up share capital                                    115.2      114.3
Share premium account                                       56.5       47.6
Revaluation reserve                                          1.7        1.7
Profit and loss account                                    221.7      162.0
Shareholders' funds: equity interests                      395.1      325.6
Minority equity interests                                    2.3        1.9
                                                           397.4      327.5
Net debt                                                   240.4      100.0
Gearing                                                    60.8%      30.7%



                       CONSOLIDATED CASH FLOW STATEMENT

                     FOR THE YEAR ENDED 31 DECEMBER 2000

                                                                 2000    1999

                                                                   £m      £m
Net cash inflow from operating activities                       176.5   168.1
Returns on investments and servicing of finance
Interest received                                                 2.2     0.9
Interest paid                                                   (12.5)   (7.8)
Dividends paid to minority shareholders                          (0.3)   (0.3)
Other cash flows                                                 (2.6)   (2.5)
Net cash outflow for returns on investments and servicing of    (13.2)   (9.7)
finance
Tax paid                                                        (50.8)  (45.1)
Capital expenditure and financial investment
Purchase of tangible fixed assets                               (49.3)  (54.3)
Disposal of tangible fixed assets                                 3.1     9.6
Net cash outflow for capital expenditure and financial          (46.2)  (44.7)
investment
Acquisitions and disposals
Purchase of businesses                                          (170.9) (60.1)

Disposal of businesses                                           11.5    23.3
Other acquisition and disposal cash flows                        (2.5)   (1.7)
Net cash outflow for acquisitions and disposals                 (161.9) (38.5)

Equity dividends paid                                           (38.0)  (33.3)
Net cash outflow before use of liquid resources and financing   (133.6)  (3.2)

Net cash (outflow)/inflow from management of liquid resources    (3.1)    5.7
Financing
Increase/(decrease) in short term loans                         139.2    (1.3)
Decrease in long term loans                                      (4.4)   (2.6)
(Decrease)/increase in finance leases                            (0.3)    0.6
Shares issued for cash                                            6.7     8.2
Net cash inflow from financing                                  141.2     4.9
Increase in cash in the financial year                            4.5     7.4
Reconciliation of net cash flow to movement in net debt
Increase in cash                                                  4.5     7.4
(Increase)/decrease in debt due within one year                 (139.2)   1.3
Decrease in debt due after one year                               4.4     2.6
Increase/(decrease) in current asset investments                  3.1    (5.7)
Exchange and other movements                                    (13.2)   (5.0)
Movement in net debt in the year                                (140.4)   0.6
Opening net debt                                                (100.0) (100.6)
Closing net debt                                                (240.4) (100.0)




                STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                     FOR THE YEAR ENDED 31 DECEMBER 2000

                                                                  2000   1999

                                                                    £m     £m
Profit for the financial year                                    107.9   93.7
Currency translation differences on foreign currency net          (2.3)  (6.7)
investments
Total recognised gains and losses for the year                   105.6   87.0



                              SEGMENTAL ANALYSIS

                                     Sales                    Operating Profit
                           2000      1999       2000                     1999
                             £m        £m         £m                       £m
Continuing operations
Outsourcing Services    1,783.1   1,422.7      131.1                    103.3
Filtrona                  199.0     186.4       26.8                     25.0
Paper Distribution        310.3     283.7       18.5                     17.5
Plastics                  200.3     156.4       26.9                     21.4
Goodwill                                        (7.1)                    (3.2)
Corporate activities                           (14.3)                   (13.0)
                        2,492.7   2,049.2      181.9                    151.0
Discontinued operations    10.9      79.4        1.7                      7.0
                        2,503.6   2,128.6      183.6                    158.0



                                    NOTES
1.  The profits for the business areas and their percentage change from 1999
    are stated before the effect of goodwill amortisation.
2.  Bunzl plc's 2000 Annual Report will be despatched to shareholders at the
    end of March 2001. The financial information set out above does not
    constitute the Company's statutory accounts for the years ended 31 December
    2000 or 1999 but is derived from those accounts. Statutory accounts for
    1999 have been delivered to the registrar of companies and those for 2000
    will be delivered following the Company's Annual General Meeting which will
    be held on 16 May 2001. The auditors have reported on those accounts; their
    reports were unqualified and did not contain statements under section 237
    (2) or (3) of the Companies Act 1985.
3.  The final dividend will be paid on 2 July 2001 to shareholders on the
    register at 18 May 2001. Shareholders will again have the opportunity to
    participate in the Company's dividend reinvestment plan.