Bunzl FY10 Pretax Profit GBP225.2 Million
February 28 2011 - 2:04AM
Dow Jones News
Bunzl PLC (BNZL.LN), the international distribution and
outsourcing Group, Monday reported a 4% increase in profit for the
year ended Dec 31, 2010.
MAIN FACTS:
-Profit before tax GBP225.2 million (2009: GBP216.0
million).
-Revenue GBP4,829.6 million (2009: GBP4,648.7 million).
-Adjusted operating profit GBP306.7 million (2009: GBP295.7
million).
-Adjusted profit before tax GBP276.2 million (2009: GBP257.8
million).
-Dividend for the year 23.35 pence (2009: 21.55 pence).
-Operating profit GBP255.7 million (2009: BP253.9 million).
-Improved underlying revenue growth in 2010.
-Acquisition spend of GBP126 million with nine acquisitions
announced adding annualised revenue of GBP154 million.
-Significant expansion in Switzerland and entry into Israel.
-Continued strong cash flow with operating cash flow to
operating profit of 93%.
-Organic growth was bolstered by acquisition activity.
-Looking ahead, believes that the opportunity for future
development both organically and through acquisitions, combined
with its market leading positions and its strong cash flow and
balance sheet, should enable the Group to achieve further
growth.
-In North America it anticipates good underlying revenue growth,
albeit lower than the relatively high level of 2010, and margins
should be stable.
-Looking ahead, in the U.K. & Ireland, in spite of the
continuing difficult economic conditions, especially in Ireland and
in those businesses selling to the public sector, expects an
improved performance.
-Continental Europe should see better underlying revenue growth
and the full year impact of acquisitions made in 2010 will enhance
the overall results.
-The Rest of the World should also benefit from good underlying
revenue growth and continued strong performance.
-Acquisition growth is a key element of strategy and the
pipeline remains promising as Group continues discussions with a
number of potential targets.
-Shares closed Friday at GBP7.56, valuing the Company at GBP2.5
billion.
-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314;
jana.weigand@dowjones.com
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