Bunzl PLC, the London-based international distribution and outsourcing group, on Monday reported that group revenue for the first half of 2020 increased 7% at actual exchange rates to £4.8 billion (US$6.3 billion). At constant exchange rates, revenue increased by 6.7% compared to the same period of 2019. Profit increased 16.1% to £306.8 million (US$400.6 million).
The company resumed acquisition activity with the Monday announcement that it has agreed to acquire MCR Safety and Abco Kovex.
“Despite the unprecedented challenges experienced as a result of the COVID-19 pandemic during the first half of the year, these results have once again demonstrated the strength of our customer proposition and supply chain and the resilience of our business model and consistent and proven strategy,” said Frank van Zanten, CEO of Bunzl. “Throughout this period, a key priority has been the continued safety and wellbeing of people connected with our business including Bunzl colleagues, customers and suppliers. I have been greatly impressed by our tireless, dedicated and hardworking colleagues around the world as they have had to adapt their usual working practices to respond to the unprecedented demands placed on our business.
“Looking forward, although there remains considerable uncertainty, we expect to face challenging trading conditions during the second half of the year. However the fundamental aspects of our business model remain attractive with the group’s strong cash generation allowing us to maintain Bunzl’s long track record of dividend growth and continue our compounding strategy of consolidating the group’s fragmented markets through focused acquisitions.”