Interim Management Statement

RNS Number : 6250Q

Bunzl PLC

16 April 2009

 

16 April 2009

BUNZL INTERIM MANAGEMENT STATEMENT

Bunzl plc, the international distribution and outsourcing Group, today announces its interim management statement for the three months ended 28 March 2009.

The positive impact of exchange and acquisitions, combined with new customer wins and additional business gained with existing customers, have resulted in Group revenue increasing 18% compared to the same period last year. Underlying revenue was marginally down due to the impact of deteriorating macroeconomic conditions across the international markets in which the Company operates. This more challenging environment has also put some pressure on margins, particularly in the UK & Ireland and parts of the Rest of the World. 

The Company announced two acquisitions in March 2009 after a group of three companies, including King UK, went into administration. W.K. Thomas and Industrial Supplies are expected to add annualised revenue of about £25 million.

The Group is highly cash generative and will continue to use diverse sources of funding to achieve its objectives. To this end the Company has recently raised a further $300 million from the US private placement market with maturities ranging from five to ten years, resulting in total funding from this market of over $800 million. 

The Group's strong financial and market leading positions, new business wins and the positive impact of currency should enable it to develop positively and take advantage of appropriate opportunities as they arise.

Enquiries:

Bunzl plc Michael Roney, Chief Executive Brian May, Finance Director Tel: [phone]

Tulchan David Allchurch Stephen Malthouse Tel: [phone]

 

END

 

 

IMSDGGMDDKLGLZM