IFRS

Bunzl PLC
29 April 2005



                                                                   29 April 2005

                   2004 Preliminary IFRS Financial Statements

Bunzl plc, the international distribution and outsourcing Group, is preparing
for the adoption of International Financial Reporting Standards ('IFRS') as its
primary accounting basis for the year ending 31 December 2005. As part of this
transition, Bunzl is presenting today its preliminary financial statements
prepared in accordance with IFRS for the year ended 31 December 2004 and the six
months ended 30 June 2004.

The financial statements prepared in accordance with UK Generally Accepted
Accounting Principles for the year ended 31 December 2004 and the six months
ended 30 June 2004 were presented on 28 February 2005 and 31 August 2004
respectively.

The key features are that:

• The impact of IFRS is not very significant on the financial results for
  both the year ended 31 December 2004 and the six months ended 30 June 2004

• There are no changes to cash flow or net debt

• The Group's ability to continue to pay dividends is unaffected

The primary changes arising from the restatement are:

• Non-amortisation of goodwill

• Recognition and amortisation of certain intangibles on acquisitions made
  on or after 1 January 2004

• Inclusion of a fair value charge in relation to employee share schemes

• Deferred taxation

• Timing of dividend recognition

For the year ended 31 December 2004 operating profit before intangible
amortisation has decreased by £7.4m as a result of the IFRS restatement and
profit before income tax has increased by £10.9m. Earnings per share adjusted
for intangible amortisation have decreased from 34.4p to 33.5p and basic
earnings per share have increased from 28.7p to 31.9p. Equity shareholders'
funds have increased by £58.0m.

For the six months ended 30 June 2004 operating profit before intangible
amortisation has decreased by £3.2m as a result of the IFRS restatement and
profit before income tax has increased by £5.5m. Earnings per share adjusted for
intangible amortisation have decreased from 15.4p to 15.0p and basic earnings
per share have increased from 13.1p to 14.6p. Equity shareholders' funds have
increased by £28.3m.

Full details of the impact of the IFRS restatement including KPMG Audit Plc's
audit and review reports are available on the Group's website: www.bunzl.com.

Enquiries:

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




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