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(Sharecast News) - Distribution and services giant Bunzl said on Monday that adjusted operating profits had slipped year-on-year in 2021 despite a modest uptick in reported revenues.
Bunzl said reported adjusted operating profits were down 3.3% on 2020 at £752.8m, while adjusted pre-tax profits were 2.4% lower at £698.2m and adjusted earnings per share were 1.5% softer year-on-year at 162.5p.
The FTSE 100-listed firm stated that the fall in profits comes as full-year reported revenues inched ahead 1.7% to £10.28bn, with recovery in its base business and acquisitions more than offsetting declines in Covid-19 related sales. Revenue at constant exchange rates was 17.1% higher than 2019's pre-Covid comparative.
Bunzl, which also reported a total 2021 dividend per share growth of 5.4%, highlighted that its North American operations made up 60% of revenues and 51% of adjusted operating profits, while Continental Europe accounted for 19% of revenues and 25% of adjusted operating profits, the UK & Ireland 12% and 9% and the rest of the world 9% and 15%.
Chief executive Frank van Zanten said: "Our adjusted operating profits in 2021 were 23% higher than in 2019, at constant exchange rates, driven by both underlying revenue growthⱡ and acquisition revenue growth, with almost £1.0bn of committed acquisition spend over this two year period. Those sectors most impacted by the pandemic, such as retail and foodservice, are recovering strongly, supported by inflation, and Bunzl continues to benefit from enhanced hygiene trends.
"Bunzl has further strengthened its value-added proposition through the pandemic and we look to the future with confidence given our consistent compounding growth strategy."
