Bunzl first-quarter revenue up 13%

FTSE 100 distribution company Bunzl reported a rise in first-quarter revenue and expressed confidence over its ability to deliver further growth.

In a statement for the period since the end of December, the company said overall trading has been consistent with expectations at the time of the annual results, with group revenue up 13% at actual exchange rates and 10% at constant currency.

It saw a 5% contribution from acquisitions and 5% from the impact of additional trading days relative to the comparable period last year.

Bunzl said the acquisition of Bursa Pazari announced at the end of February has been completed following clearance of the transaction by the Turkish Competition Authority.

The company said its “strong cash flow and balance sheet, together with a promising acquisition pipeline”, should continue to give it opportunities to consolidate the markets in which it operates and deliver more growth.

Chief executive Michael Roney, who is due to step down from his role after the annual general meeting later on Wednesday to be succeeded by Fran van Zanten, said: "I am delighted that Frank is taking over as chief executive to lead the group through the next stage of its development.

“I would like to thank all at Bunzl and our loyal shareholders for their encouragement and support over the last 10 years and wish everyone all the very best for continued success in the future."