logo
Plus   Neg
Share
Email

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
A former Southwest Airlines employee has filed a racial discrimination lawsuit against the airline, alleging that the carrier allowed its employees to create a "whites-only" breakroom. The lawsuit was filed in the United States District Court in Houston earlier this week by Jamel Parker, a former employee of Southwest Airlines. American Airlines Inc. has joined its major rivals in raising baggage fees as the airline industry grapples with higher fuel costs and rising operating expenses. The largest U.S. airline said Thursday it is raising the price of a first and second checked bag by $5 each. The price of a first checked bag is now $30, while it is $40 for a second checked bag. The takeover battle by Comcast Corp. nd Rupert Murdoch's 21st Century Fox Inc. for British broadcaster Sky plc will be settled through an auction. The UK Takeover Panel said Thursday that an auction procedure is expected to commence on the evening of Friday, September 21, 2018 and end on the evening of September 22, 2018. The winner of the auction will be announced on Saturday.
Follow RTT