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FTSE 100 distribution and outsourcing firm Bunzl (LON:BNZL) watched its shares rise by 2.28% to 1,993p (as of 15:35 GMT) after revenues for 2019 climbed by 2.7%. Statutory pre-tax profits for the year increased by 6.7% as operating margins also improved.
CEO Frank van Zanten commented: “Against the background of mixed macroeconomic and market conditions which prevailed during 2019 across the countries and sectors in which we operate, I am pleased to report that Bunzl has produced another resilient performance with an increase in operating margin. It is particularly good to see continued strong cash conversion and free cash flow growth.
“Looking forward, although we continue to see challenging trading conditions in many of our markets, our strong competitive position, diversified and resilient businesses and ability to consolidate our fragmented markets further should lead to improved growth at constant exchange rates principally due to the impact of the good level of recent acquisition activity. Bunzl has a strong balance sheet with significant financial capacity and acquisitions remain a key element of our strategy. The acquisition pipeline is promising and a number of discussions are ongoing“.