UK's Bunzl raises 2024 profit forecast on robust demand (updated)

Bunzl Public

27/08/2024 07:31

(Adds background and details in paragraphs 2-5)
       Aug 27 (Reuters) - British business supplies distributor
Bunzl  BNZL.L  raised its annual adjusted operating profit
forecast on Tuesday, as it benefits from acquisitions and demand
for its own brand stays strong.
    The supplier of everything from food packaging to stationery
has profitted from higher prices for daily-use items, increased
penetration of its own brand and recently acquired businesses.
    The company expects adjusted operating profit in 2024 to
show a "strong increase" in comparison with 2023, versus prior
forecast of slightly above the level reported for 2023.
    Bunzl also announced a 250 million pound ($329.98 million)
share buyback plan, with a further 200 million pound return
expected by this year-end.
    The company continues to expect "robust" annual revenue
growth, with a small decline seen in underlying revenue, as its
North American business continues to struggle with volume
reductions and deflation.
    



($1 = 0.7576 pounds)

 (Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi
Aich)
 ((Yamini.Kalia@thomsonreuters.com;))