Final Results

Bunzl PLC
24 February 2003

Monday 24 February 2003


                         PRELIMINARY ANNOUNCEMENT FOR THE
                           YEAR ENDED 31 DECEMBER 2002

Bunzl plc, the international distribution and outsourcing Group, today announces
its preliminary results for the year ended 31 December 2002.

•        Sales of continuing operations up 5%, or 8% at constant exchange rates,
         to £2.7 billion

•        Profit before tax, goodwill and exceptionals increased 5%, or 9% at
         constant exchange rates, to £209.6 million

•        Profit before tax up 4%, or 9% at constant exchange rates, to £196.0
         million

•        Adjusted earnings per share rose 6%, or 10% at constant exchange rates,
         to 30.0p

•        Dividend for the year increased 8% to 11.2p

•        Outsourcing Services sales and operating profit up 8% at constant
         exchange rates

•        £77 million spent on acquisitions in the year funded by strong cash
         generation from operations


Commenting on today's results, Anthony Habgood, Chairman of Bunzl, said:

'These results again demonstrate the ability of our major businesses to sustain
good growth of sales and profits and to generate strong cash flow even in
difficult economic times.

'The combination of good volume growth, our strong positions in our markets and
our continuing pipeline of potential acquisitions gives us confidence that the
underlying prospects of the Group are good.'

Enquiries

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


RESULTS

As difficult economic conditions persisted around the world, the Group has
continued to produce good results due to strong operating performance and
underlying organic volume growth combined with acquisition activity.  Currency
movements were unfavourable in translation terms reducing growth rates by about
4 percentage points.  Price deflation also had a negative impact on the growth
of both sales and profits.  Sales of continuing operations rose by 5%, or 8% at
constant exchange rates, to £2,673.6 million while operating profit before
goodwill amortisation rose by 4%, or 9% at constant exchange rates, to £207.6
million.  Total sales, including discontinued operations, fell 1% but rose 2% at
constant exchange rates while total operating profit before goodwill
amortisation rose marginally, or 4% at constant exchange rates.  With an
interest charge of £5.8 million, profit before tax, exceptionals and goodwill
amortisation rose 5%, or 9% at constant exchange rates, to £209.6 million.
Profit before tax was up 4%, or 9% at constant exchange rates, to £196.0
million.  Earnings per share rose 6%, or 11% at constant exchange rates, to
27.1p while adjusted earnings per share, after eliminating exceptionals and
goodwill amortisation, rose 6%, or 10% at constant exchange rates, to 30.0p.

After a cash outflow for acquisitions of £77 million and a cash inflow from
disposals of £111 million, net debt decreased by £128.5 million to £106.0
million as the underlying businesses again generated cash from operations.
Gearing fell to 19.5% from 51.4%.

DIVIDEND

The Board has decided to increase the final dividend to 7.55p (2001: 6.95p).
This brings the total dividend for the year to 11.2p (2001: 10.35p), an increase
of 8%.  Shareholders will again have the opportunity to participate in our
dividend reinvestment plan.

BOARD

Bunzl's strong independent Board was further enhanced with the appointment of
Charles Banks as a non-executive director in June.  Charles is Chief Executive
of Wolseley plc.  He brings valuable and relevant experience of running a major
international distribution business and we welcome him to the Board.

Lawrence McQuade will be retiring as a non-executive director at the Annual
General Meeting in May.  We are very grateful for his sound independent advice
and his wise counsel will be much missed.

The Board has appointed Jeff Harris, Chairman of Alliance Unichem Plc, as senior
independent non-executive while Pat Dyer continues his invaluable service to the
Group as Deputy Chairman.  Jeff has been a non-executive director since 2000.

STRATEGY AND STRUCTURE

The strategy of focusing the Group's resources on areas where it has or can
develop real competitive advantage, usually on an international scale, was
further enhanced during 2002.  The disposal of our Paper Distribution business
in July with its UK focus and strong links to Bunzl's nineteenth century roots
in paper, marks an important stage in this evolutionary approach.  It represents
the final break with the paper industry and is the last step of a process which
has seen Bunzl reducing its commitment to paper and channelling resources both
organically and by acquisition into higher return, higher growth businesses,
particularly outsourcing.

Following this disposal the Group was reorganised in August into two business
areas:  Outsourcing Services and an enlarged Filtrona.  This enlargement was
made feasible by the simplification of both Plastics and Filtrona over the past
few years and the increasing internationalisation of their remaining businesses.
Operating as Filtrona, the new entity constitutes a small number of
international niche businesses in supply and light manufacture with a number of
technical and market overlaps.  It is being managed by a single more cost
effective structure.  Both Outsourcing Services and Filtrona fit with our focus
on providing business to business consumables and are becoming increasingly
service oriented.

Our strategy has enabled the Group to create value for its shareholders. Our
total shareholder return has consistently outperformed our sector for a decade,
firstly as a Paper and Packaging stock and then, since late 1998, in Support
Services.

ACQUISITIONS

We spent £77 million on acquisitions during 2002.   In an important move in our
Outsourcing Services business in late May, we bought Lockhart from Sodexho.
Lockhart is the UK's leading supplier of catering equipment to the foodservice
industry including hotels, caterers, restaurants, retailers and the licensed
trade and strengthens our one stop shop offering to our customers.  In late June
we acquired Kenco in Seattle.  Kenco is a redistribution business which
strengthens the position of our Outsourcing Services business in the Pacific
North West of the US.

In the last two months of the year we announced four acquisitions which added to
our Outsourcing Services business in different parts of the world.  In early
November we bought Lesnie's, an important distributor of supplies to food
processors and retailers based in Sydney.  This significantly expands our
position in Australasia and extends our coverage of food processors there.  In
the UK we bought Darenas, a national distributor of cleaning and hygiene
supplies, which is an excellent fit with our existing operations.  In the US, we
acquired Saxton, a redistribution business based in Phoenix with locations also
in Kansas City and Denver, which will strengthen our position both in cleaning
and hygiene and in the relevant regions.  Finally, in late December we purchased
Thomas McLaughlin, a leading distributor of catering equipment in both Northern
Ireland and the Republic.   McLaughlin is a logical extension of our existing
business in Ireland and complements our acquisition of Lockhart earlier in the
year.

DISPOSALS

We raised £111 million in cash from disposals in 2002.  The principal disposal
was the sale of our Paper Distribution business area for which we will receive a
further £18 million deferred cash consideration.  We also exited our small
machine building activity at Jarrow following the disposal of the Filtrona
instruments business in 2000.

PENSIONS

The Group has accounted for pensions under SSAP24 'Accounting for Pension Costs'
although has continued to apply the transitional rules of FRS17 'Retirement
Benefits'. FRS17 will be adopted fully in the 2003 financial statements.

SSAP24 accounting has been based on the most recent formal actuarial valuations,
which for the main UK and US defined benefit pension schemes were performed at
April 2000 and January 2002 respectively, resulting in funding levels of 101%
and 86% respectively.  Due to continuing unfavourable market conditions,
informal reviews were performed at October 2002 which identified lower funding
levels.  These were, however, still comfortably in excess of relevant minimum
funding requirements that would necessitate short term funding action.
Nevertheless, in addition to the regular cash contribution of £12.1 million paid
into the Group's defined benefit pension schemes, the Group made a £20.0 million
special contribution in December 2002, broadly representing the value of all
contribution holidays previously taken by the Group.

Under FRS17 the deficit net of deferred tax has increased to £43.7 million from
£17.5 million in 2001 due to poor equity returns and falling bond yields.  The
Group has reviewed its pension arrangements including benefits and contribution
rates.  The defined benefit schemes have now been closed to new members and new
employees will in future be invited to participate in defined contribution
schemes.  The profit and loss impact of contributions to the Group's pension
schemes in 2002 was at a similar level to that in 2001 and is expected to remain
at around that level in 2003.

PROSPECTS

Our businesses have again shown their resilience in difficult economic
conditions with results of continuing operations well ahead in 2002 at constant
exchange rates.  Even after the impact of the translation effects of the
weakening US dollar, we still made good progress. Sustained volume growth offset
deflationary pressures and our successful acquisition programme continued with
both the integration of past purchases and the completion of further additions
in 2002.  Our strong internal cash generation enabled substantial acquisition
activity once again to be paid for out of free cash flow and, given the
disposals we have made, our balance sheet ended the year particularly strong.

After a period of deflation in Outsourcing Services many product prices are now
at historically low levels.  While some price rises have been announced, the
pricing environment remains uncertain with the weak global economy and higher
input prices providing opposing pressures particularly on supplies of plastic
products.  The volatility and weakness of the dollar, particularly in comparison
to early 2002, is influencing the sterling translation of our results.
Nevertheless, the combination of good volume growth, our strong positions in the
markets in which we operate and our continuing pipeline of potential
acquisitions within our areas of focus gives us confidence that the underlying
prospects of the Group are good and that, at constant exchange rates, we will
continue to develop the business satisfactorily.

OPERATING REVIEW

Margin on continuing operations was constant at 7.8% while the Group margin rose
from 7.5% to 7.6% as a result of the disposal of the lower margin Paper
Distribution business area in July.  Group return on capital rose to 40.7%.

Outsourcing Services

Operating across North America, Europe and Australasia, Bunzl is the leading
supplier of a range of products including outsourced food packaging, disposable
supplies and cleaning and safety products for supermarkets, redistributors,
caterers, food processors, hotels, contract cleaners and other industrial users.

Good volume growth and the successful integration of acquisitions saw
Outsourcing Services progressing well with sales increasing by 8% at constant
exchange rates despite price deflation.  Operating profits also rose by 8% at
constant exchange rates assisted by our focus on greater efficiencies and
control of operating costs, with the margin remaining at 7.6%.

With the general economic background in North America and Europe remaining
difficult, trading conditions continued to be challenging.  However in this
environment our specialist knowledge and experience in providing cost effective
outsourced solutions to our customers and our ability to integrate selective
acquisitions have enabled us to extend the scope of our operations and continue
to offer innovative supply programmes to add value for new and existing
customers.

In North America the business performed well again in 2002.  We have won some
significant new contracts including one of the world's leading beef processors
and a strong regional airline and gained a number of smaller customers.  We did
more business with our existing customers and renewed some important long term
contracts which was reflected in good volume growth, although the drag on dollar
sales from the year on year price deflation arising from the imbalance in the
demand and supply relationship in our supplier base remained through the end of
the year.

In North America we serve our end user customers both directly through the
distribution of goods not for resale (primarily to supermarkets and to certain
foodservice operators) and packaging and plant supplies to the food processor
industry and indirectly through our redistribution business.  We also provide
janitorial supplies and packaging products, often food-related, to non-food
retail, cleaning/jan san, healthcare and other customers, largely through our
redistribution business.

We are the largest distributor of many of these products, serving all 50 states,
all of Canada, Mexico and the Caribbean from 65 locations supplying over 60,000
items.  These items include paper and plastic packaging and bags, cups and
janitorial supplies, with a particular focus on satisfying the increasing demand
of our customers for specialist food packaging for ready to eat meals and fresh
and freshly prepared food and drinks.

In the US we are the largest distributor of supermarket supplies, serving
supermarkets and grocery chains both nationally and regionally.  With our
knowledge of the market, strong relationships with our suppliers and sourcing
expertise we are well positioned to fulfil our customers' requirements for these
products.  Our ability to service national grocery chains in Canada benefited
from the integration of the acquisitions of Godin and Eastern Paper last year.
Notwithstanding the general economic conditions, our expertise in offering
outsourced supply solutions enhanced by our product import and own label
programmes, largely under the Prime Source label, and our ability to fulfil the
increasing requirement for more specialist packaging continue to drive the
organic growth of this business.

In our food processor supplies business Bunzl has further developed the base we
had established organically and enhanced with the key acquisitions of Koch and
Packers.  We are now well placed to exploit the trend towards supermarkets and
foodservice operators purchasing case-ready meats, produce, bakery and other
food types.  Our processor customers increasingly require specialist packaging
to enhance the presentation of their products, provide more variety and satisfy
the increasingly stringent hygiene regulations.  The development of outsourced
solutions tailored for our processor customers including the extension of our
product offering, the successful integration of acquisitions and our ability to
import has led to the successful development of this business.

Our redistribution business which operates across the US and in Canada
distributes disposable products and janitorial supplies to subdistributors who
then sell them on to smaller operations.  This business also supplies both these
and more specialised products to other customers such as non-food retailers,
healthcare providers and airlines.  The acquisition of Kenco based in Seattle in
June and of Saxton based in Phoenix in December has enhanced our ability to
serve our customers in those regions and contributed to the growth of our
redistribution business.

In these more difficult economic conditions we continue to concentrate on
improving operational efficiency particularly through technological improvements
and the refining of operational practices.  We have an ongoing programme to
upgrade the facilities of our EDI systems and our electronic customer catalog to
further reduce our operating costs and enhance the scope and quality of the
services we offer to our customers.

In Europe our specialist distribution and procurement capabilities and market
knowledge put us in a position to provide our customers with one stop shop
solutions principally in the UK, Ireland, Germany, Benelux and Scandinavia.
This business has shown a robust increase in sales despite a deteriorating
economic backdrop, particularly in mainland Europe.  This growth has come from
substantial new contract wins, the expansion of our product range and the impact
of the acquisitions we made during 2001 and 2002.  In particular the acquisition
in May of Lockhart, the leading supplier of catering equipment in the UK, has
augmented our ability to provide one stop shop solutions to our foodservice,
food and non-food retail customers across a range of markets.  We are also well
placed to benefit from the trend among our suppliers to consolidate and
rationalise their direct to customer distribution operations.

Our retail supplies business serves both food and non-food retail customers,
particularly supermarkets and other high street retailers in the UK and Western
Europe.  Its expertise in tailoring its supply programmes to meet the
requirements of its customers and its international sourcing capabilities have
seen it implementing full goods not for resale consolidation programmes for
major UK supermarkets and other non-food retailers.  In the healthcare sector
our specialist healthcare supply business Shermond again performed well, adding
a number of new products to its core range.

Sales of our hotel and catering supplies business in Northern Europe progressed
well despite the more difficult market conditions in 2002.  Operating in the UK,
Holland, Germany, Ireland and Scandinavia, this business, often in conjunction
with our vending supplies business, serves many of the leading catering and
hotel groups.  Its expertise in delivering cost effective outsourced solutions
to its customers for a wide range of consumables has been fundamental to winning
and renewing contracts.  The acquisition of both Lockhart in May and of
McLaughlin, the leading supplier of catering equipment in Ireland, at the end of
the year, has added a wide range of items to the Bunzl product offering, thereby
extending our businesses' capacity to provide one stop shop supplies programmes
to customers.

The performance of our Outsourcing Services business in Australia continued to
strengthen over the year.  In November we acquired Lesnie's, the leading
distributor of packaging and related consumables and equipment supplies to the
food processor industry in Australasia.  Lesnie's complements our processor
supplies businesses in North America and Europe and is a significant addition to
our business in Australia.  It also, for the first time, provides us with a base
to develop customer and supplier relationships in New Zealand.

Our cleaning and safety supplies business performed strongly with a number of
our customers' projects, such as the building of Heathrow Terminal 5, coming on
line during the year.  In November we completed the acquisition of Darenas, a
cleaning and hygiene supplies business with national coverage, which will
enhance the position of our business in this area.  Meanwhile the assimilation
of Greenham and Blyth into the Group has continued to yield benefits, as has the
integration of our businesses in Ireland.  We are developing our business with
the food processor industry, building on the acquisitions we made in the UK,
Denmark and Ireland last year.  Thus we are in a good position to win further
business with the larger food producers and processors, and cleaning and
facilities management groups.

Bunzl Vending Services has strengthened its position as the leading independent
vending operator in the UK with strong organic growth, serving the retail and
catering sectors and facilities management and financial services groups.
Significant new contract wins include a global financial services business and
the servicing and maintenance of all vending machines in the UK for one of the
world's principal contract catering groups.  We have also strengthened our
presence in the North East of the UK to enhance our service to our customers
there.

Filtrona

Filtrona is a world leading supplier of outsourced cigarette filters, ink
reservoirs and other bonded fibre products, protective caps and plugs,
self-adhesive tear tapes and certain security products.  It is also a leading
extruder of custom plastic profiles.

At constant exchange rates, sales in Filtrona rose by 7% and profits increased
by 9% despite the continuing general weakness of the manufacturing environment
which primarily affects the about 55% of our business which is not oriented
towards the tobacco industry.

Filtrona as currently configured was formed in August following the merger of
two former business areas.  It now constitutes a small number of international
businesses engaged in service oriented supply and light manufacture for niche
markets.  These include outsourced filters, ink reservoirs and other bonded
fibre products, protective caps and plugs, tear tape and certain security
products, extruded plastics and our South American packaging business.  The
reorganisation has progressed smoothly and the business area is beginning to
realise a number of intangible benefits arising from bringing together skills in
overlapping technologies and markets which will strengthen the business area.
It is also providing modest cost savings.

Growth was particularly robust in our filter businesses in the Americas and
Europe, driven in part by increasing demand for Western brands with special
filters, often including charcoal, in Russia and the Far East, particularly
Korea, and growth in South America.  The market for low tar and other special
filters continues to expand, boosted by consumer fashion, awareness and stricter
legislative requirements.  While it is the current practice of cigarette
manufacturers to outsource the supply of many of these filters, self-manufacture
of some simpler carbon filters is becoming more viable as certain types have
become standard on more popular brands.  Notwithstanding this, cigarette
manufacturers are constantly working on more complex innovations to meet the
more challenging requirements of the market and we are well placed to assist
them with our range of filter, fibre and plastic technologies, experience and
know how.

Our fibres business, based in our new facility in Richmond, Virginia and in
Reinbek, Germany sells reservoirs made using bonded fibre technology for
products including pens and printers, medical device components and household
items.  The successful development of reservoirs for a new generation of inkjet
printers and the inkjet printer aftermarket has contributed to the growth of the
business this year.

The tear tape business had another good year as demand for both standard
self-adhesive tear tape and tear tape with added value features grew strongly.
The use of tear tape as a medium for brand promotion and security purposes
through the use of multicoloured text and images has become increasingly
attractive to our customers.   As we make advances in printing and application
technology we are able to offer our customers increasingly specialised products
and services.  We continue to invest in this business to enhance our ability to
serve our international customers and to support the development of new and more
sophisticated tear tape and other security products.

Although the weakness of many of its industrial and manufacturing markets
continued through the second half of 2002, the caps and plugs business continued
to show resilience in North America, with the European business moving ahead.
This good overall performance overcame the softness of sales to the oil sector,
which affected North America in particular.  The business continued to grow its
distribution operations, adding a further 1,000 product lines and we
strengthened our network in Europe particularly in France and Germany.

Again, despite the continuing weakness in the manufacturing environment, the
sales of our European extrusion business continued to progress satisfactorily,
particularly to its export markets including the UK.  The US business saw growth
with its customers in the fence panel, highway control, medical and recreational
sectors, particularly where it sells proprietary products.  However the
difficult conditions in some other markets in the US held the extrusion business
back overall.  A significant contract for specialised products with a new
customer, a leading national manufacturer of building supplies, was won towards
the year end.  We also grew the business in Mexico where there are some
interesting potential projects.

Globalpack, our operation in Brazil, which provides packaging for the South
American toiletries and cosmetics industries, had an excellent year, with sales
and profits well up on 2001 in local currency but diminished significantly on
translation into sterling.

CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2002

                                                              2002             2001          Growth
                                                                          *Restated     Actual    Constant
                                                                £m               £m    Exchange   Exchange
                                                                                        Rates      Rates
Sales

Existing businesses                                        2,625.0         2,558.3
Acquisitions                                                  48.6

Continuing operations                                      2,673.6         2,558.3       +5%        +8%
Discontinued operations                                      161.7           318.2

Total sales                                                2,835.3         2,876.5       -1%        +2%

Operating profit
Existing businesses                                          189.1           186.9
Acquisitions                                                   2.7

Continuing operations                                        191.8           186.9
Discontinued operations                                        7.5            14.9

Total operating profit                                       199.3           201.8
Profit on sale of discontinued operations                      2.5               -

Profit on ordinary activities before interest                201.8           201.8
Net interest payable                                          (5.8)          (14.1)

Profit on ordinary activities before taxation                196.0           187.7       +4%        +9%

Profit before taxation, goodwill amortisation
and exceptional items                                        209.6           200.5       +5%        +9%
                                                             
Taxation on profit on ordinary activities                    (70.3)           (70.4)

Profit on ordinary activities after taxation                 125.7           117.3
Profit attributable to minorities                             (0.5)           (0.4)

Profit for the financial year                                125.2           116.9       +7%        +12%
Dividends paid and proposed                                  (52.3)          (48.0)

Retained profit for the financial year                        72.9            68.9

Basic earnings per share                                        27.1p           25.5p    +6%        +11%
Adjusted earnings per share                                     30.0p           28.3p    +6%        +10%
Diluted earnings per share                                      26.9p           25.2p
Dividends per share                                             11.2p          10.35p    +8%



* Restated on adoption of FRS19 'Deferred Tax'



CONSOLIDATED BALANCE SHEET
AT 31 DECEMBER 2002
                                                                                    2002           2001
                                                                                              *Restated
                                                                                      £m             £m
Fixed assets
Intangible assets - goodwill                                                       289.5          258.8
Tangible fixed assets                                                              199.6          226.0
Investments                                                                         34.3           29.6

                                                                                   523.4          514.4

Current assets
Stocks                                                                             217.5          241.7
Debtors: amounts receivable within one year                                        357.5          439.0
Debtors: amounts receivable after more than one year                                46.7           15.0
Investments                                                                        140.7           30.2
Cash at bank and in hand                                                            51.5           49.8

                                                                                   813.9          775.7
Current liabilities                                                               (471.4)        (514.3)

Net current assets                                                                 342.5          261.4

Total assets less current liabilities                                              865.9          775.8
Creditors: amounts falling due after more than one year                           (265.3)        (255.1)
Provisions for liabilities and charges                                             (54.3)         (62.1)

Net assets                                                                         546.3          458.6

Capital and reserves
Called up share capital                                                            116.8          116.0
Share premium account                                                               77.3           67.3
Revaluation reserve                                                                  1.5            1.6
Profit and loss account                                                            348.4          271.6

Shareholders' funds:  equity interests                                             544.0          456.5
Minority equity interests                                                            2.3            2.1

                                                                                   546.3          458.6

Net debt                                                                           106.0          234.5
Gearing                                                                             19.5%         51.4%



* Restated on adoption of FRS19 'Deferred Tax'



CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2002

                                                                                            2002          2001
                                                                                              £m            £m
Net cash inflow from operating activities                                                  216.4         236.1

Returns on investments and servicing of finance
Interest received                                                                            5.2           1.1
Interest paid                                                                              (11.6)        (12.9)
Dividends paid to minority shareholders                                                     (0.1)         (0.3)
Other cash flows                                                                            (2.5)         (1.8)
Net cash outflow for returns on investments and servicing of finance                        (9.0)        (13.9)

Tax paid                                                                                   (64.3)        (54.9)

Capital expenditure
Purchase of tangible fixed assets                                                          (33.4)        (39.5)
Disposal of tangible fixed assets                                                            2.4           1.8
Net cash outflow for capital expenditure                                                   (31.0)        (37.7)

Acquisitions and disposals
Purchase of businesses                                                                     (77.0)        (79.8)
Disposal of businesses                                                                     111.3           1.2
Other acquisition and disposal cash flows                                                   (0.7)         (0.9)
Net cash inflow/(outflow) for acquisitions and disposals                                    33.6         (79.5)

Equity dividends paid                                                                      (48.0)        (43.0)

Net cash inflow before use of liquid resources and financing                                97.7           7.1

Net cash outflow from management of liquid resources                                      (128.7)         (6.4)

Financing
Decrease in short term loans                                                               (37.0)       (110.7)
Increase in long term loans                                                                 37.4         123.4
(Decrease)/increase in finance leases                                                       (0.3)          0.1
Shares issued for cash                                                                       7.9           7.1
Net cash inflow from financing                                                               8.0          19.9

(Decrease)/increase in cash in the financial year                                          (23.0)         20.6


Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash                                                                (23.0)         20.6
Decrease in debt due within one year                                                        37.0         110.7
Increase in debt due after one year                                                        (37.4)       (123.4)
Increase in current asset investments                                                      128.7           6.4
Exchange and other movements                                                                23.2          (8.4)
Movement in net debt in the year                                                           128.5           5.9
Opening net debt                                                                          (234.5)       (240.4)
Closing net debt                                                                          (106.0)       (234.5)



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 DECEMBER 2002

                                                                                           2002            2001
                                                                                             £m        *Restated
                                                                                                             £m
Profit for the financial year                                                             125.2           116.9
Currency translation differences on foreign currency net investments                      (12.7)           (5.4)

Total recognised gains and losses for the year                                            112.5           111.5
Prior year adjustment                                                                     (10.0)              -

Total recognised gains and losses since last directors' report and accounts               102.5           111.5


* Restated on adoption of FRS19 'Deferred Tax'


SEGMENTAL ANALYSIS

                                    Sales                Growth              Operating                Growth
                                                                                Profit
                                              Actual   Constant                            Actual   Constant
                            2002     2001   Exchange   Exchange      2002        2001    Exchange   Exchange
                                               Rates      Rates                             Rates      Rates
                              £m       £m                              £m          £m
Continuing operations

Outsourcing Services     2,231.2  2,129.1         5%         8%     169.3       161.9          5%         8%
Filtrona                   442.4    429.2         3%         7%      54.2        52.3          4%         9%
Goodwill                                                            (15.8)      (12.2)
Corporate activities                                                (15.9)      (15.1)

                         2,673.6  2,558.3         5%         8%     191.8       186.9          3%         7%
Discontinued operations    161.7    318.2                             7.8        15.5
Goodwill                                                             (0.3)       (0.6)
                         2,835.3  2,876.5        -1%         2%     199.3       201.8         -1%         3%


NOTES

1.        Profits for each of the business areas and their percentage change
from 2001 are stated before the effect of goodwill amortisation.  References to
changes in the level of sales and profits at constant exchange rates have been
calculated by retranslating the relevant results for the year ended 31 December
2001 at the average exchange rates used for the year ended 31 December 2002.

2.        Bunzl plc's 2002 Annual Report will be despatched to shareholders at
the end of March 2003.  The financial information set out above does not
constitute the Company's statutory accounts for the years ended

31 December 2002 or 2001 but is derived from those accounts.  Statutory accounts
for 2001 have been delivered to the registrar of companies and those for 2002
will be delivered following the Company's Annual General Meeting which will be
held on 14 May 2003.  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 1 July 2003 to shareholders on the
register at 9 May 2003.  Shareholders will again have the opportunity to
participate in the Company's dividend reinvestment plan.


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