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International distribution and outsourcing group Bunzl plc reports sales for the first quarter increased 7 percent (at constant exchange rates). Underlying sales increased 4 percent.
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In North America underlying revenue growth continues to be strong, at a similar level to the second half of 2011, and the operating margin is stable.
In Continental Europe, although underlying revenue growth is at the same level as the second half of 2011, the economic environment in the region continues to be weak. The acquisitions completed last year have led to strong revenue growth and an increase in operating margin.
In spite of the sluggish economy in UK & Ireland, excluding the impact of the disposal of the vending business, revenue and profit have improved due to the impact of the acquisitions made in 2011.
In Rest of the World the combination of strong underlying revenue growth and the impact from acquisitions has led to significant increases in revenue and profit.
Acquisition growth continues to be a key part of the company’s strategy.