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FTSE 100 international distribution and services firm Bunzl (LON:BNZL) saw its share price drop 10.66% to 2,279p (as of 13:45 BST) after it provided a trading update for the period since 31st December. Revenues were up by 4% relative to a year earlier, but trading was sluggish in North America and underlying growth was 2%.
The company also announced the acquisition of Coolpack, a Netherlands-based specialist in food and pharmaceutical packaging, that earned revenues of €4 million during 2018. Management said that growth through acquisitions would remain core to the company’s strategy going forward and that there were a number of opportunities in its pipeline.