Trading Statement

Bunzl PLC
16 December 2003

                                                                16 December 2003


              BUNZL PRE-CLOSE STATEMENT AHEAD OF ANALYST MEETINGS

Bunzl plc, the international distribution and outsourcing Group, will be
speaking to analysts this week prior to its close period for the year to 
31 December 2003. The Company will be indicating that:
     
•    The overall results for 2003 are expected to be in line with market 
     estimates which take account of the impact of currency translation as a 
     result of the continuing weakening of the US dollar.

•    Outsourcing Services continues to progress satisfactorily:
          
     -    Continuing volume growth in our largest business area is more than 
          offsetting year on year price deflation.

     -    Deflation has reduced as the year has progressed.  Nevertheless it 
          persisted in the second half particularly because the supermarket 
          industry, which remains under pressure especially in the US, has
          continued to identify and take advantage of any demand/supply 
          imbalances in the supply chain.

     -    Acquisitions made in late 2002 and 2003 are settling well into the
          Group in North America, Europe and Australasia.

•    Filtrona is also continuing its positive development:

     -  Volumes to the tobacco industry are well up as outsourced charcoal duals
        and more specialised filters continue to grow worldwide.

     -  Coated and security products are benefiting from the increased emphasis 
        on anti counterfeiting, brand promotion and overall security concerns.

     -  Sales to other market sectors are also progressing well.

•    Consistent with the statement made in August at the Interim Results, the 
     Group has continued to buy back shares on market at a similar rate to that
       in the first half.

While persistence of the current level of the US dollar in 2004 would have a
translation impact compared to the previous year, the Group remains well
positioned to produce good underlying results, generate cash and take advantage
of opportunities to grow both organically and by acquisition. The results for
the year to 31 December 2003 will be published on 23 February 2004.

Enquiries:

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



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