Highlights include:
Strong revenue growth of 9.4%, adjusted operating profit increase of 20.9% and rise in adjusted earnings per share of 26.6%, all at constant exchange rates
28 year track record of consecutive dividend per share growth continues with a 7.0% increase in the final dividend
Continued strong cash conversion of 103%, with net debt to EBITDA(+) of 1.5x times; substantial headroom for growth
Committed acquisition spend of
Three further highly complementary acquisitions announced today; pipeline active
Repayment of employee-related government assistance and significantly increased charitable donations
Commenting on today's results,
The pandemic has served to highlight the vital role that Bunzl plays in ensuring supplies of essential products as well as the benefits of our diversification. As a result of our extensive supply chains and our
Overall in 2021 we expect robust revenue growth over the prior year at constant exchange rates, after excluding larger Covid-19 related orders which we do not expect to repeat. We anticipate that the recovery in sales of other products, as restrictions ease, will broadly offset the decline of smaller Covid-19 related orders, with recent acquisitions making an increasing contribution to the Group's performance. It is part of our proven and consistent strategy to use our strong balance sheet and cash flows to consolidate the fragmented markets we operate in. We committed
Since 2004, Bunzl has delivered robust organic growth, committed
Alternative performance measure.
Growth at constant exchange rates is calculated by comparing the 2020 results to the 2019 results retranslated at the average exchange rates used for 2020.
The Board is recommending a 2020 final dividend of 38.3p per share. Including the 2020 interim dividend per share of 15.8p the total dividend per share of 54.1p represents a 5.5% increase compared to the 2019 total dividend per share. During 2020, the Board reinstated the previously cancelled 2019 final dividend of 35.8p per share as an additional 2019 interim dividend which was paid in
At average exchange rates and based on historical accounting standards, in accordance with Group's external debt covenants, which are unaffected by the adoption of IFRS 16.
Contact:
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