Bunzl share price: Q1 trading consistent with expectations
Bunzl (LON:BNZL) has posted its first-quarter trading update this morning.
**Highlights from the company statement:**
Overall trading has been consistent with expectations at the time of the annual results announcement at the end of February. Group revenue in the first quarter has increased 13% at actual exchange rates. At constant exchange rates revenue has risen by 10%, with 5% contributed by acquisitions and 5% from the impact of additional trading days relative to the comparable period last year. Consistent with the growth trends seen during the second half of 2015, underlying revenue in the first quarter was at a similar level to the prior year.
The acquisition of Bursa Pazari, that was announced on 29 February 2016, has been completed following clearance of the transaction by the Turkish Competition Authority.
There has been no significant change in Bunzl’s financial position during the period and the Group continues to have substantial funding headroom available. Bunzl’s strong cash flow and balance sheet, together with a promising acquisition pipeline, should continue to give the Group opportunities to consolidate the markets in which it operates and deliver further growth.
As previously announced Michael Roney, who has been Chief Executive of the Company since November 2005, will be retiring at the conclusion of the Annual General Meeting later today and will be succeeded by Frank van Zanten whose most recent position has been Managing Director of Bunzl’s Continental Europe business area.
Commenting on the change of Chief Executive, Michael Roney said:
“I am delighted that Frank is taking over as Chief Executive to lead the Group through the next stage of its development. I would like to thank all at Bunzl and our loyal shareholders for their encouragement and support over the last 10 years and wish everyone all the very best for continued success in the future.”
As of 07:14 BST, Wednesday, 20 April, Bunzl plc share price is 2,094.00p.