Last checked at 19 Dec 2012 07:00
19 December 2012
BUNZL PRE CLOSE STATEMENT
Bunzl plc, the international distribution and outsourcing Group, is updating the market today relating to the twelve months ending 31 December 2012 prior to entering its close period.
Overall trading has been consistent with expectations at the time of the Interim Management Statement in October. At constant exchange rates Group revenue growth for the year is expected to be approximately 6%, due to underlying revenue growth and the positive impact from acquisitions net of the disposal of the UK vending business in August 2011, with Group operating margin in line with the prior year. Underlying revenue growth for the year is expected to be about 2.5% against the background of a challenging comparative in the second half due to a particularly strong performance in North America last year.
Acquisition growth is a key element of the Group's growth strategy. Including the two acquisitions announced today of McCordick Glove and Atlas Health Care, the Company has announced nine acquisitions year to date with annualised revenue from 2012 acquisitions of approximately £210 million. The current environment for acquisitions remains positive.
The Group has recently refinanced some of its debt facilities by raising US$350 million of fixed interest rate borrowings in the US private placement market with maturities ranging from seven to 11 years at an average interest rate of 3.4%. US$110 million was drawn earlier this month with the balance due to be drawn in April 2013.
Bunzl's strong cash flow and balance sheet should continue to enable the Company to take advantage of opportunities to consolidate further the markets in which it competes and increase shareholder value.
Enquiries:
Bunzl plc Michael Roney, Chief Executive Brian May, Finance Director Tel: 020 7725 5000 | Tulchan David Allchurch Stephen Malthouse Tel: 020 7353 4200
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