Plus   Neg

Bunzl Q1 Group Revenue Rises; CEO Of Bunzl North America To Retire - Quick Facts

Bunzl plc (BZLFY.PK,BNZL.L) announced its overall trading for the period since 31 December 2017 has been consistent with expectations at the time of the annual results announcement in February.

Group revenue in the first quarter increased 7 percent at actual exchange rates. At constant exchange rates, revenue rose by 14 percent compared to the same period last year due to underlying growth of approximately 6 percent and an impact from acquisitions, net of the disposal of OPM, of about 8 percent.

The Group said the underlying revenue growth, which is mainly due to the previously announced additional grocery business won, albeit at lower margins, in North America towards the end of 2016, is expected to return to more normal levels during the remainder of the year as the additional business in North America has now been fully absorbed.

Bunzl also said that in early March, it completed two further acquisitions in the U.S. and the Netherlands - Monte Package Company, based in Michigan, and QS Nederland, operating in the Netherlands.

Further, Bunzl announced that Patrick Larmon, who has been an executive director of the company and Chief Executive Officer of the Bunzl North America business area since 2004, will be retiring from the Board and the company with effect from 31 December 2018. He will be succeeded in his role as CEO of Bunzl North America by James McCool.

McCool, who is a qualified accountant and holds a MBA, joined Bunzl in 1998 since when he has held a number of senior management positions in North America, most recently as Chief Financial Officer from 2014 to date and Regional Vice President from 2007 until 2013. He will become CEO Designate of Bunzl North America from 1 May 2018.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alphabet's subsidiary Loon LLC has secured its first commercial deal - to deliver 4G internet access to remote areas of Kenya using high-altitude balloons. Loon will partner with Telkom Kenya to deliver connectivity to parts of Kenya. Telkom Kenya announced Thursday that it has signed a definitive agreement with Loon to pilot a new 4G/LTE access network service in Kenya. The Cow Calendar era is coming to an end. Chick-fil-A said it is axing one of its well-loved products, the Cow Calendar. The 2018 Cow Calendar will be the chicken chain's last calendar. Chick-fil-A first launched the Cow Calendar in 1998 that featured cows as a new tool to convince people to eat more chicken. The calendars were popular not just for the pictures of funny Chick-fil-A cows. Japanese telecom giant Nippon Telegraph and Telephone or NTT has filed a patent for a blockchain technology-based new contract agreement method. NTT, the world's fourth-largest telecom provider, explains the ways to use the application to store contracts without tampering documents.
Follow RTT