The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Bunzl plc, the international distribution and outsourcing Group, is updating the market today relating to the six months ending 30 June 2011 prior to entering its close period. The Company announces that: · Overall trading is consistent with expectations at the time of the Interim Management Statement in April. At constant exchange rates Group revenue is expected to have increased 6%, due to underlying growth of 3% and the positive impact from acquisitions, with a slight improvement in operating margin. After adverse currency translation movements, the revenue growth rate is expected to be 4%. · In North America underlying revenue growth continues to be strong at approximately 4.5% and operating margins are similar to the comparable period last year. · In the UK & Ireland, although revenue continues to be below 2010 due to continuing difficult trading conditions, operating profit is at a similar level. · In Continental Europe the underlying revenue growth rate has improved to more than 4% with consistent operating margins. · Underlying revenue growth of about 5%, combined with a slight improvement in operating margins, has led to good profit growth in the Rest of the World. Acquisitions continue to be a key component of the Group's growth strategy. The five acquisitions which have been announced to date in 2011 have annualised revenue of approximately £80 million. These acquisitions, together with the nine acquisitions announced in 2010, are integrating well. The current environment is promising and the Company is continuing discussions with a number of interested parties. Bunzl's well established competitive position, international growth strategy and strong cash flow and balance sheet should enable the Company to continue to increase shareholder value.
http://investegate.co.uk/Article.aspx?id=201106240700059785I
RBC downgrades Bunzl to underperform from sector perform.
Bunzl in three bolt-on acquisitions Date: Wednesday 01 Jun 2011 LONDON (ShareCast) - Insulation specialist SIG is to sell its safety and work wear business to outsourcing firm Bunzl. SIG Safety and Workwear distributes personal protection equipment and work wear to a variety of market sectors throughout the UK. Revenue in the year ended 31 December 2010 was £22m and the gross assets of the business at completion were £8. The sale price has not been disclosed. Chris Davies, chief executive of SIG, said Bunzl would provide the necessary scale and focus to develop the work wear business. "This divestment, which follows the recent sale of our scaffolding business, is consistent with SIG's key strategic initiative to improve performance by actively managing the group's portfolio of businesses to focus on our core operations," Davies said. Bunzl, meanwhile, had two other acquisitions to announce at the same time as the work wear purchase. The company has acquired Spanish firm King Espana Complementos while in Australia it has snapped up the Hospitality Depot business. Operating from facilities in Barcelona, Madrid and Valencia, King Espana is a distributor of food service disposables, cleaning and hygiene supplies to the catering and cleaning sectors throughout Spain. Revenue in the year ended 31 December 2010 was €29m and the gross assets acquired are estimated to be €13m. Based in Sydney, Hospitality Depot is principally engaged in the distribution of catering equipment and supplies to hotels, restaurants and caterers as well as to aged care facilities and education establishments in New South Wales, Australia. Revenue for the year ending 30 June 2011 is forecast to be A$21m and the gross assets acquired are estimated to be A$6m. "Each of these acquisitions will further strengthen our positions in their respective markets," said Michael Roney, chief executive of Bunzl.
Underlying revenue growth at Bunzl Date: Wednesday 20 Apr 2011 The UK & Ireland are letting the side down at distribution and outsourcing group Bunzl, which has otherwise seen good revenue growth this year. The group said trading so far in 2011 has been consistent with expectations outlined at the time of the group's full year results announcement in February, with underlying revenue growth of 2.5%, despite persistent difficult economic conditions in the UK & Ireland. Overall, revenue in the first quarter was up 12% on the corresponding period of last year, helped by the contribution from acquisitions and the fact that this time round there were two extra trading days in the first quarter. Group operating margin has also increased in the first quarter as a result of an improvement in mix and the additional trading days in the period. There has been no significant change in Bunzl's financial position during the period and the group continues to have substantial funding headroom available. “Bunzl's strong cash flow and balance sheet, together with a promising pipeline of potential acquisition targets, should continue to give the group opportunities to consolidate the markets in which it operates,” the statement said.
BUNZL INTERIM MANAGEMENT STATEMENT Bunzl plc, the international distribution and outsourcing Group, today announces its interim management statement for the period since 31 December 2010. Overall trading has been consistent with expectations at the time of the annual results announcement in February. At constant exchange rates, Group revenue in the first quarter has increased 12% compared to the same period last year due to underlying revenue growth of 2.5%, the positive impact from acquisitions and additional trading days in 2011 compared to the comparable period in 2010. There has been a small overall negative translation impact from exchange. The improvement in underlying revenue is due to continuing good growth in North America, Continental Europe and the Rest of the World with the persistent difficult economic conditions holding back revenue in the UK & Ireland. Group operating margin has also increased in the first quarter as a result of an improvement in mix and the additional trading days in the period. Acquisitions remain a key component of Bunzl's strategy. Cannon Consumables in the UK and Omega in Australia, which were acquired in March, are integrating well. There has been no significant change in Bunzl's financial position during the period and the Group continues to have substantial funding headroom available. Bunzl's strong cash flow and balance sheet, together with a promising pipeline of potential acquisition targets, should continue to give the Group opportunities to consolidate the markets in which it operates. The Board is confident that Bunzl's market leading positions and the positive impact from acquisitions should allow the Group to grow further.
http://www.investegate.co.uk/Article.aspx?id=201104200700102025F
Evolution Securities issued a "buy" recommendation for Bunzl (BNZL), the outsourcing solutions group, with a 828p target. Given that the group is a "low beta equity", the broker is not anticipating a sharp outperformance catalyst on the horizon. Rather, Evolution said it was expecting management to maintain the "well practiced strategy of modest sized in-fill acquisitions in existing geographies", with occasional larger landmark new geographical deals. Bunzl shares inched down 2.5p to 745p.
Bunzl keeps buying By John Harrington Date: Monday 21 Mar 2011 LONDON (ShareCast) - Distribution group Bunzl has announced two acquisitions on opposite sides of the world. The company is to acquire Cannon Consumables from OCS Group UK. The acquired company is mainly engaged in the supply of cleaning and hygiene consumable products to OCS as well as to a number of other customers throughout the UK. Revenue for the year ending 31 March 2011 is forecast to be £16m and the gross assets to be acquired are estimated to be £2m. Meanwhile, on the other side of the world, Bunzl has added Omega Hospitality Suppliers to its overseas operations. Omega, based in New South Wales, Australia, is principally engaged in the supply of catering equipment and disposables to contract caterers, hotels and other food service customers. Revenue in the year ended 30 June 2010 was A$5.4m and the gross assets acquired are estimated to be A$1.2m. “Omega is … a successful business that will allow us to penetrate further into the catering equipment and disposables market in New South Wales and Queensland,” said Michael Roney, chief executive of Bunzl.
Commenting on the acquisitions, Michael Roney, Chief Executive of Bunzl, said: "The acquisition of Cannon Consumables is an excellent addition to our cleaning and hygiene supplies business in the UK and will expand our business in this sector. Omega is also a successful business that will allow us to penetrate further into the catering equipment and disposables market in New South Wales and Queensland. We are pleased to welcome both companies to the Group."
BUNZL EXPANDS WITH ACQUISITIONS IN THE UK AND AUSTRALIA Bunzl plc, the international distribution and outsourcing Group, today announces that it has entered into an unconditional agreement to acquire a business in the UK and has completed the acquisition of a business in Australia. Bunzl has agreed to acquire the business of Cannon Consumables from OCS Group UK Limited. Operating from four locations, Cannon Consumables is principally engaged in the supply of cleaning and hygiene consumable products to OCS as well as to a number of other customers throughout the UK. Revenue for the year ending 31 March 2011 is forecast to be £16 million and the gross assets to be acquired are estimated to be £2 million. Completion of the acquisition is expected to take place at the end of March following a period of employee consultation. At the beginning of March, Bunzl acquired the business of Omega Hospitality Suppliers Pty Limited. Based in New South Wales, Australia, Omega is principally engaged in the supply of catering equipment and disposables to contract caterers, hotels and other foodservice customers. Revenue in year ended 30 June 2010 was A$5.4 million and the gross assets acquired are estimated to be A$1.2 million.
Good day all. Happened upon this one whilst touring the bargain basement following yesterday's fire sale. Looks good to me and I'm in.
Commenting on today's results, Michael Roney, Chief Executive of Bunzl, said: "Despite continuing challenging economic conditions across our international markets, the Group has once again delivered another good set of results. Our organic growth, as we continued to gain additional business with existing customers combined with new customer wins, was bolstered by acquisition activity with nine acquisitions announced during the year. Looking ahead, we believe that the opportunity for future development both organically and through acquisitions, combined with our market leading positions and our strong cash flow and balance sheet, should enable the Group to achieve further growth."
http://www.investegate.co.uk/Article.aspx?id=201102280700129179B
Trading at Bunzl (BNZL), the International distribution and outsourcing group, is in-line with expectations after a drop in sales in Britain and Ireland was offset by strong revenue growth from its North America business and continued acquisitions. The company, which supplies products such as carrier bags, take-away boxes and healthcare products related to the H1N1 flu virus, said it expected full-year revenue to grow by 3-4%. It added that the nine acquisitions made in 2010 have annualised revenue of approximately 150 million pounds and are "integrating well."
we should see this push through £6 this week and hopefully find a new level of support..
good set of results in current climate -nice to see strong revenue growth and increase in divi !
out on Monday -lets hope for a good set of results to rebuild some confidence here
why do you think theres trouble ahead? Its been falling for months now, but the financials look ok.
whats happen to this company is it a case of over hyping the true value of this company in the past or just bad management!
well I hope so as I jumped in today as this looks a very sound business and looks a very undervalued sp. Fingers crossed eh...
Could these finally be on the way up, up, up ??
I think this is a very undervalued share and if that is the case things re. face masks then are going to get even better - where did you hear about it - I read on another site as well... (iii)
to see so many buys !!