Bunzl says 1H trading 'in line' despite uncertain backdrop
By Alexander Bueso
Date: Tuesday 24 Jun 2025
(Sharecast News) - Bunzl said that trading conditions over the front half of 2025 had been in line with expectations, amid an "uncertain" economic backdrop, but the company expected conditions to improve across the second half.
"Alongside a macroeconomic backdrop that remains uncertain, the Group is trading in-line with our expectations," the support services group's boss, Frank van Zanten, said.
"Actions are underway to improve performance in the Group, particularly in our largest business in North America and in Continental Europe, and we anticipate improvement in the second half of the year."
First half revenue growth was expected to be up by 4% at constant exchange rates, thanks to acquisitions.
At actual rates, revenues were seen up by as much as 1%.
Management also reiterated its forecast for operating margins of roughly 7% for the half and a decline in adjusted operating profits.
Full-year underlying revenue growth was expected to be "broadly" flat and operating margins "moderately" beneath 8%.
"The Group's second half operating margin is seasonally higher and expected to benefit from actions taken," Unzk said.
In May Bunzl inked a deal to acquire Brazil's Solupack, which had achieved 2024 revenues of about £15m.
Leverage at the end of June was pegged to be about 2.0 times, versus the company's year-end goal of an adjusted net debt to EBITDA ratio of 2.0-2.5 after potential acquisition spend.
As of 0923 BST, shares of Bunzl were advancing 1.12% to 2,346.0p.
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