Trading Update & Acquisition

Bunzl PLC
17 December 2004


                                                                17 December 2004

  BUNZL PRE-CLOSE STATEMENT AHEAD OF ANALYST MEETINGS AND OUTSOURCING SERVICES
                         ACQUISITION IN THE NETHERLANDS
                                        
Bunzl plc, the international distribution and outsourcing Group, will be
speaking to analysts today prior to its close period for the year to 31 December
2004. The Company will be indicating that:

•    The overall results for 2004 are expected to be in line with market 
     estimates despite the continuing weakening of the US dollar.

•    The recent trends in the markets of Outsourcing Services North America
     have continued. Volume growth in redistribution and food processors has
     continued while supermarkets generally have remained flat. While some price
     increases have held, reflecting sustained higher input prices to certain
     suppliers, the effects of product substitution and overcapacity in the US 
     supply base are offsetting overall price movements.

•    The recent increase in the pace of acquisition activity in the US including 
     TSN, Weil and TEMO has continued the focus on developing the higher
     growth convenience store and redistribution sectors and further developing
     Bunzl's presence in the jan/san market.

•    Outsourcing Services Europe & Australasia has continued its rapid progress 
     with sales in 2004 expected to top £1 billion and margins continuing to
     benefit from the increased overall scale of operations.

•    Groupe Pierre Le Goff, the substantial French business acquired in May,
     continues to trade strongly. It not only greatly improves Bunzl's coverage 
     of Europe but also enhances the Group's position in the cleaning & safety 
     markets. Among other acquisitions in the period, the Cospak business is 
     settling well into the Group in Australia and Beltex represents a first 
     move into interesting growing markets in Eastern Europe.

•    Filtrona continues its expansion. The businesses based on fibre 
     technologies (Filters and Fibertec) are developing satisfactorily as they 
     expand their production bases into Mexico and China.

•    The plastics based businesses within Filtrona have also experienced
     good growth as each product group and geography has benefited from focused
     expansion. The acquisition of Skiffy has settled well into the Group.

•    The main areas impacted by IFRS will be addressed at the results
     presentation in February 2005 with a full IFRS restatement of the financial
     results for 2004 currently expected to be available in the second quarter 
     of 2005.

•    Since October 2004 the Group has bought back 13.0 million shares into
     treasury at a total cost of £58.2 million. In addition, the total 
     acquisition spend during 2004 now totals over £310 million (excluding the 
     acquisition of Gelpa detailed below).

•    While the persistence of the current level of the US dollar in 2005 would 
     have a translation impact compared to the previous year, which would only
     be partially offset by the strengthening of the euro, the Group remains 
     well positioned to produce good underlying results in 2005, generate cash 
     and take advantage of opportunities to grow. The preliminary results for 
     the year to 31 December 2004 will be published on 28 February 2005.

Bunzl also today announces that it has entered into an agreement to acquire
Gelpa Verpakkingsgroep, a distributor principally supplying the retail and food
processor sectors with packaging and consumables in the Netherlands. Completion
of the acquisition is subject to clearance from the Dutch competition
authorities.

Gelpa, which is based in Arnhem, had sales in 2003 of €43 million. The value of
the net assets to be acquired on a debt free basis is expected to be
approximately €7.9 million.

Commenting on the acquisition, Anthony Habgood, Chairman of Bunzl said:

'Gelpa is an important acquisition for us in the Netherlands as it will
complement our existing business there which is focused on the hotel, restaurant
and catering markets. With the addition of Gelpa's product offering and customer
base, it will enhance our ability to provide our current customers and Gelpa's
customers with a 'one-stop-shop' for all of their needs.'

Enquiries:

Bunzl plc                                          Finsbury
Anthony Habgood, Chairman                          Roland Rudd
David Williams, Finance Director                   Morgan Bone
Tel: [phone]                                 Tel: [phone]




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