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.
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