Bunzl plc, the international distribution and outsourcing group, announced Thursday its interim management statement for the period since June 30, 2014.
Overall trading has been consistent with expectations at the time of the half year results announcement at the end of August. At constant exchange rates, group revenue for the third quarter has increased 6 percent compared to the same period last year due to underlying growth of approximately 3 percent and the positive impact from acquisitions.
There has been no significant change in Bunzl’s financial position during the period and the group continues to have substantial funding headroom available. Bunzl’s strong cash flow and balance sheet, together with a promising acquisition pipeline, should continue to give the group opportunities to consolidate the markets in which it operates and deliver further growth.
Growth through acquisitions is an important part of the ongoing development of Bunzl and on Thursday the company also announced the acquisition of De Ridder Groep BV. Based in Uitgeest near Amsterdam, De Ridder is a specialist distribution business engaged in the supply of a wide range of products principally to prisons, police stations and other detention centres. Revenue in 2014 is expected to be approximately €8 million ($10.2 million).
Commenting on the acquisition, Michael Roney, Chief Executive of Bunzl, said:
"The acquisition of De Ridder further extends our business in the Netherlands and we are delighted to welcome their employees to the Bunzl Group. We have acquired 13 businesses so far this year and, with ongoing discussions taking place with a number of targets, we would expect to complete further acquisitions before the year end."
