LONDON: Business supplies firm Bunzl has reported a rise in revenues and profits for 2016, led by acquisition-driven growth in the North American market. Revenue increased 14% to £7.43bn ($9.23bn) in the 12 months to 31 December period, with adjusted profit before tax up 16% to £478.2m. Profits in North America, which accounted for nearly two-thirds of Bunzl’s revenue in 2016, increased 16% to £289.6m.
“Bunzl has delivered another good set of results in 2016,” chief executive Frank van Zanten said. “Looking forward, against the backdrop of mixed macroeconomic and market conditions, we believe that our well positioned portfolio of international businesses and improving organic growth rates, recent customer wins and a promising acquisition pipeline will lead to continued overall growth for the group.” Revenue in the UK and Ireland fell 1% mainly as a result of losses in the food retail business at the start of 2016. Bunzl said it would pay out a full-year dividend of 42p to shareholders, up 11% compared to 2015.
