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

BUNZL PLC

(BNZL)
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Bunzl : pencils deals, resumes dividend after first-half profit jumps 16.6%

08/24/2020 | 02:50am EST

Bunzl Plc resumed dividends and reported first-half profit and revenue that surpassed analysts' expectations on Monday, bolstered by robust demand for the protective masks and gloves it has supplied in the coronavirus crisis.

Known for making small acquisitions aimed at growing specific parts of its business over the years, Bunzl also announced that it had entered into deals to buy MCR Safety, a U.S.-based personal protection equipment business, and Abco Kovex, a packaging distributor in Ireland.

The company, which supplies products ranging from disposable tableware to latex gloves and cleaning chemicals to private and government sectors, said adjusted pretax profit rose 16.6% to 306.8 million pounds ($402 million). Revenue grew 6.7% at 4.85 billion pounds.

Analysts had expected revenue of about 4.80 billion pounds and adjusted pretax profit of 296 million pounds, according to a company-compiled consensus.

At the height of coronavirus-led lockdowns in April, the company benefited from rising demand from grocery, healthcare as well as cleaning & hygiene sectors. However, the food service and retail sectors, which account for around 35% of its business, had been severely hit since March.

"Looking forward, although there remains considerable uncertainty, we expect to face challenging trading conditions during the second half of the year," said Chief Executive Officer Frank van Zanten.

"However the fundamental aspects of our business model remain attractive."

Bunzl reinstated its 2019 dividend of 35.8 pence per share as an additional interim dividend for 2019. It declared an interim dividend for 2020 of 15.8 pence per share.

It had scrapped its final dividend proposal in April.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Saumyadeb Chakrabarty and Amy Caren Daniel)


© Reuters 2020
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Financials
Sales 2020 9 882 M 13 152 M 13 152 M
Net income 2020 387 M 515 M 515 M
Net Debt 2020 1 611 M 2 144 M 2 144 M
P/E ratio 2020 19,0x
Yield 2020 2,61%
Capitalization 7 726 M 10 298 M 10 283 M
EV / Sales 2020 0,94x
EV / Sales 2021 0,92x
Nbr of Employees 19 000
Free-Float 98,7%
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 2 617,33 GBX
Last Close Price 2 316,00 GBX
Spread / Highest target 33,9%
Spread / Average Target 13,0%
Spread / Lowest Target -16,4%
EPS Revisions
Managers
NameTitle
Frank Andre van Zanten Chief Executive Officer & Director
Peter J. Ventress Chairman
Richard Howes Chief Financial Officer & Director
Vanda Murray Senior Independent Non-Executive Director
Lloyd Mark Pitchford Independent Non-Executive Director
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