(Alliance News) - Distribution and services firm Bunzl PLC on Wednesday confirmed that all resolutions proposed at its annual general meeting were passed but noted a significant minority voted against the proposals to re-apppoint Stephan Nanninga and appoint Vin Murria.
"The board is fully satisfied with both Stephan's and Vin's contribution and commitment of time to the company and strongly supports their re-appointment and appointment, respectively," the company said.
Murria currently is chair of Summerway Capital PLC and Marwyn Acquisition Co I Ltd. She also is a non-executive director of M&C Saatchi PLC and Softcat PLC. She was the founder and CEO of Advanced Computer Software Group PLC from 2008 until 2015.
Nanninga was formerly CEO of CRH PLC and is a member of the supervisory board of CM.com, a non-executive director of IMCD NV and an executive director of Dutch Star Cos TWO BV.
Bunzl continued: "However, the company will engage with those shareholders who voted against the relevant resolutions to understand and discuss their concerns. The company will provide further updates in due course, in accordance with the Financial Reporting Council's UK Corporate Governance Code."
Earlier Wednesday, Bunzl said it expects "robust" revenue growth for the year ahead, despite the challenges posed by the pandemic.
London-based Bunzl reported a 5.4% rise in revenue in the first quarter of 2021 and a 10% increase at constant exchange rates, driven by demand for Covid-related products such as personal protective equipment.
Despite expecting organic revenue growth in the first half of 2021, the firm did warn of a "moderate decline" in the second half of the year.
Acquisitions contributed 4.3% to constant currency growth and additional trading days 4.7%, Bunzl said. Underlying revenue growth at constant exchange rates was in line with expectations at 1.4%.
Bunzl expects "robust" revenue growth in 2021 after excluding larger Covid-19 related orders, which contributed around GBP550 million last year. Adjusted operating margin will return to a more historical level in 2021, it said, having been elevated by Covid-19.
"The resilience of the Bunzl model continues to be demonstrated by our ability to respond to changing customer needs and through our financial performance," Chief Executive Frank van Zanten said.
"Looking ahead we are confident in the strength of our consistent and proven compounding strategy, supported by enhanced hygiene trends, our differentiated offering of sustainable and responsible solutions and acquisition momentum.
"We have announced three acquisitions in the year to date with the pipeline remaining active and a number of discussions ongoing."
Shares in Bunzl closed 3.2% lower in London on Wednesday at 2,424.00 pence each.
By Will Paige; willpaige@alliancenews.com and Paul McGowan; paulmcgowan@alliancenews.com
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