Bunzl PLC
26 June 2007
26 June 2007
BUNZL PRE CLOSE STATEMENT
Bunzl plc, the international distribution and outsourcing Group, is updating the
market today prior to entering the close period relating to the six months
ending 30 June 2007.
The Company announces that:
• Overall trading is in line with expectations.
• While revenue growth in North America is less than in the same period in
2006 due principally to lower underlying growth in a mixed pricing
environment, the acquisitions made in 2006 are continuing to integrate well.
• In the UK and Ireland revenue growth is significantly stronger than in
2006 due to acquisition activity and substantially higher underlying revenue
growth resulting from increased volumes and new customers. The operating
performance of Southern Syringe, acquired in July 2006, is ahead of
expectations and the integration of Keenpac, acquired in December 2006, is
proceeding as planned.
• Good underlying revenue growth has continued in Continental Europe.
Trading in France has improved due principally to the operational
initiatives implemented in the past year.
• In Australasia the underlying revenue growth is strong and the
acquisitions made in 2006 have settled in well.
• Organic growth in 2007 is being supplemented by recent acquisitions and
the outlook for further acquisitions is promising.
• The share buy back programme announced in April is continuing with 10.2
million shares purchased to date at an aggregate cost of £72.8 million.
• Further to the announcement on 1 May 2007 the Company's American
Depositary Shares were delisted from the New York Stock Exchange with effect
from 4 June 2007 and the registration of its securities under the Exchange
Act of 1934 was terminated with effect from 6 June 2007.
The year to date average value of the US dollar is significantly weaker than the
first half of 2006 ($1.97 compared to $1.79) which will have a negative
translation impact on the 2007 results for the half year. Nevertheless the Board
is confident that given Bunzl's strong market position and growth potential,
both organically and through acquisitions, the Group will continue to progress
positively.
Enquiries:
Bunzl plc Tulchan
Michael Roney, Chief Executive David Allchurch
Brian May, Finance Director Stephen Malthouse
Tel: 020 7495 4950 Tel: 020 7353 4200
This information is provided by RNS
The company news service from the London Stock Exchange
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