(Sharecast News) - Distribution and services group Bunzl said on Thursday that its "diversified and resilient business model" had delivered "strong growth", with Q3 group revenues up 18.8% at actual exchange rates and 8.7% at constant exchange rates.
Bunzl said at constant exchange rates, underlying revenue growth was 6.1%, while acquisitions contributed further growth of 3.9% at constant exchange rates.
The FTSE 100-listed group, which noted that negotiations with its largest customer by revenue were "ongoing", said underlying revenue growth of 6.1% was driven by its base business, which contributed 10.4% growth, benefitting from inflation. However, this was partially offset by the expected decline in sales of its top Covid-related products, which impacted underlying revenue by 4.3%.
Bunzl also stated that despite "a slowing macroeconomic environment", full-year guidance remained unchanged at constant exchange rates, with the firm expecting to deliver "very good revenue growth in 2022.
Chief executive Frank van Zanten said: "Our strong performance over the quarter continues to demonstrate the strength and resilience of the Bunzl business model, underpinned by our value-added offering for customers.
Our commitment to reliably provide essential products and innovative solutions to our customers, our diversified portfolio, and our compounding growth strategy are all factors which contribute to our expectation of continued resilience."
Reporting by Iain Gilbert at Sharecast.com
Bunzl (BNZL)