Trading Update

Bunzl PLC
25 June 2004

                                                                    25 June 2004

              BUNZL PRE CLOSE STATEMENT AHEAD OF ANALYST MEETINGS

Bunzl plc, the international distribution and outsourcing Group, will be
speaking to analysts today prior to the close period for the six months to 
30 June 2004. The Company will be indicating that:

• Overall trading is expected to be in line with market estimates which
  take account of the impact of currency translation.

• Outsourcing Services North America continues to progress
  satisfactorily. As indicated at the time of the AGM, volume growth to
  supermarkets has slowed while good volume growth in redistribution and food
  processors has continued. Many price increases announced during the period 
  have so far held, reflecting sustained higher input prices to many of the 
  Group's suppliers. Although these increases are having a limited impact in the 
  first half, they should reduce year-on-year deflation as the year progresses.

• Outsourcing Services Europe & Australasia has continued to develop rapidly. 
  The French business acquired in early May is settling into the Group well and 
  greatly strengthens Bunzl's position across Europe as a whole, particularly in 
  the cleaning & safety business. Prices, which have normally been more stable 
  in Europe than in North America, have generally not risen during 2004.

• Filtrona is also trading well. Sales in both the tobacco and non-tobacco 
  related parts of the business have grown satisfactorily, reflecting both 
  organic and acquisition led developments.

In an improved but still uncertain economic climate, current trading remains
satisfactory although the persistence of the current level of the dollar is
having a translation impact compared to the first half of 2003. The Group
remains well positioned to progress satisfactorily as it continues to grow both
organically and by acquisition in its chosen areas of focus.

The Company confirms that it will be reporting the Group interim results in
three business segments: Outsourcing Services North America, Outsourcing
Services Europe & Australasia and Filtrona. In order to assist shareholders to
assimilate the results for the first half of 2004 when they are published in
August, the results for the first half of 2003 and for the full year 2003 are
set out below in this new format. A reallocation of costs between corporate
activities and Outsourcing Services is incorporated in this analysis.



                      2003 SEGMENTAL ANALYSIS - NEW FORMAT

                                     Sales               Operating         Net
                                                            profit   operating
                                                                        assets
                     Six months    Year to   Six months    Year to     Year to
                     to 30.6.03   31.12.03   to 30.6.03   31.12.03    31.12.03
                             £m         £m           £m         £m          £m
Outsourcing Services:
- North America           733.8    1,505.1         55.6      115.8       116.3
- Europe & Australasia    368.9      770.5         22.1       54.7       108.0
Filtrona                  228.7      452.6         28.9       56.1       197.2
Corporate activities                               (5.6)     (12.5)       (5.2)
Goodwill                                           (8.8)     (17.7)      290.9
                        1,331.4    2,728.2         92.2      196.4       707.2


The results for the six months to 30 June 2004 will be published on 
31 August 2004.

Enquiries:

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




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