Bunzl plc recently published its annual results for 2015.
- Record acquisition spend of £327 million on 22 businesses, including the acquisition of Dental Sorria announced in February 2016, with entry into two new countries (Turkey and Austria).
- Good increases in revenue, adjusted operating profit* and adjusted earnings per share.*
- Group operating margin of 7.0 per cent up 10 basis points at constant exchange rates.
- Operating margins up in North America, Continental Europe and the United Kingdom, and Ireland, with the margin down in the rest of the world.
- Continued strong cash conversion with operating cash flow† to operating profit* of 97 per cent.
- Operating cash flow† up nine per cent, to £442.6 million.
- Long track record of dividend growth continues, with an increase of seven per cent in the dividend for the year.
* Before intangible amortization and acquisition related costs.
† Before acquisition-related costs.
“I am pleased to report that Bunzl has once again delivered a good set of results with adjusted operating profit and earnings per share up seven per cent, at constant exchange rates as a result of the continued successful implementation of the Group’s consistent and proven strategy,” says Michael Roney, chief executive of Bunzl, commenting on the year-end results.
“Following on from a record year for acquisitions in 2015, we have announced further acquisitions [in February] and, with a promising pipeline, we expect to complete additional transactions as the year progresses,” says Roney. “We believe Bunzl’s strong competitive position, the impact of the significant acquisition spend in 2015 and the opportunities to consolidate our fragmented markets further will lead to continued growth in 2016.”