Bunzl (LON:BNZL), the specialist international distribution and services Group, announced its trading statement for the period since 30 June 2019.
The Group’s expectations for the year ending 31 December 2019 remain unchanged with overall trading consistent with the slowing underlying revenue growth indicated in previous announcements this year due to the impact of the continued mixed macroeconomic and market conditions across the countries and sectors in which the Group operates.
Group revenue growth for the third quarter was 4% at actual exchange rates. At constant exchange rates revenue grew by 0.5%. Of this growth, acquisitions contributed 1.5% with underlying revenue decreasing by 1%. This primarily reflects the previously announced lower sales to a large grocery customer in North America due to account specific product specification changes and price deflation.
Growth through acquisitions is an important part of the ongoing strategy of Bunzl with total committed spend on acquisitions so far this year of approximately £100 million. The acquisition pipeline remains active and a number of ongoing discussions are taking place.