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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Bunzl plc    BNZL   GB00B0744B38

BUNZL PLC

(BNZL)
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Bunzl : Q3 trading statement

10/14/2020 | 02:10am EST

Bunzl plc, the specialist international distribution and services Group, today announces its trading statement for the period since 30 June 2020.

Bunzl's diversified and resilient business model has delivered strong overall growth over a challenging period, with Group revenue for the third quarter up 4.0% at actual exchange rates and 8.8% at constant exchange rates. Underlying revenue increased strongly by 8.0% at constant exchange rates reflecting the continued growth in the sale of Covid-19 related products, such as masks, sanitisers, gloves and disinfectants. Of the total growth at constant exchange rates, acquisitions contributed 4.0%, including the impact of MCR Safety which was completed at the beginning of September. The third quarter had fewer trading days than the comparable period in 2019 which reduced revenue growth at constant exchange rates by 3.2%.

Within the underlying revenue growth of 8.0%, sales of the top 8 Covid-19 related products, which are primarily own brand, contributed 17.5% of growth. This growth more than offset a 9.5% decline in revenue from other product sales. Larger orders of the top 8 Covid-19 related products, although lower than in the second quarter, were in line with expectations, with smaller orders also lower but remaining strong. The 9.5% decline in revenue from other product sales was less than the second quarter reflecting the easing of pandemic-related restrictions across the Company's markets.

The 2020 performance year to date has been driven by strong sales of Covid-19 related products, from a combination of smaller orders and the more exceptional larger orders. This has more than offset the impact of weak economic activity on the Group's business. Looking forward, the outlook remains uncertain, particularly considering current pandemic trends and the increasing restrictions which are now being reintroduced in some markets that may limit the continued underlying recovery. In addition, larger Covid-19 related orders are expected to be more limited. However, given the performance year to date and the impact of recently announced acquisitions, the Company currently expects revenue in the second half of 2020 to grow strongly at constant exchange rates and anticipates a slightly higher second half operating profit margin compared to the prior year.

Further to the announcement issued on 24 August 2020, the Company has recently completed the acquisition of Abco Kovex, a distributor of flexible packaging based in Ireland with revenue of €23 million. Growth through acquisitions continues to be an important part of the strategy of the Group and the acquisition pipeline remains promising with a number of discussions ongoing.

This announcement contains inside information.

Enquiries:

Bunzl plc
Frank van Zanten, Chief Executive Officer
Richard Howes, Chief Financial Officer
Tel: +44 (0)20 7725 5000

Tulchan
David Allchurch
Martin Robinson
Tel: +44 (0)20 7353 4200

Conference call:

There will be a live analyst and investor conference call and Q&A session from 08:00am (BST) today. To join the conference call refer to the dial-in details below (please allow time for registration).

  • Dial-in number: +44 33 0606 1122
  • Room number: 710652

The conference call replay will be available on demand later in the day via Bunzl's Investors section on the corporate website (https://www.bunzl.com/investors/presentations.aspx).

Disclaimer

Bunzl plc published this content on 14 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 October 2020 06:09:03 UTC


© Publicnow 2020
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Financials
Sales 2020 10 002 M 13 927 M 13 927 M
Net income 2020 414 M 576 M 576 M
Net Debt 2020 1 770 M 2 464 M 2 464 M
P/E ratio 2020 17,5x
Yield 2020 2,74%
Capitalization 7 523 M 10 493 M 10 475 M
EV / Sales 2020 0,93x
EV / Sales 2021 0,92x
Nbr of Employees 19 000
Free-Float 98,7%
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 2 656,63 GBX
Last Close Price 22,55 GBX
Spread / Highest target 13 647%
Spread / Average Target 11 681%
Spread / Lowest Target 9 213%
EPS Revisions
Managers and Directors
NameTitle
Frank Andre van Zanten Chief Executive Officer & Director
Richard David Howes Chief Financial Officer & Director
Peter J. Ventress Chairman
Vanda Murray Senior Independent Non-Executive Director
Lloyd Mark Pitchford Independent Non-Executive Director
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