Bunzl plc (BNZL.L, BZLFY.PK), in its trading statement, said it expects six-month Group revenue growth to be about 7% due to underlying revenue growth of some 4% and the impact from acquisitions and the disposal of the UK Vending business in August last year. The company also noted a slight improvement in the Group operating margin because of the impact of the acquisitions completed in 2011 and the sale of the UK Vending business.
Overall trading remained consistent with expectations at the time of the Interim Management Statement in April. Bunzl added that the acquisitions remain an important part of the Group's growth strategy.
In a separate press release, Bunzl reported the acquisition of the business of Service Paper Company in the United States. Seattle-based Service Paper is chiefly engaged in the distribution of disposable supplies to the grocery, foodservice, food processor and industrial packaging sectors throughout the Pacific Northwest. Revenue of the acquired business for the year ended December 31, 2011 totaled $61 million and the gross assets purchased are estimated to be $18 million.
Including this purchase of Service Paper, the company has closed five acquisitions year to date with annualised revenue of around 130 million pounds.
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