Bunzl plc, the international distribution and outsourcing group, published its annual results for the year ended 31 December 2012.
| 2012 | 2011 | Growth as reported | Growth at constant exchange | |
|---|---|---|---|---|
| Revenue | £5,359.2m | £5,109.5m | 5% | 6% |
| Operating profit* | £352.4m | £335.7m | 5% | 7% |
| Profit before tax† | £323.9m | £306.1m | 6% | 8% |
| Adjusted earnings per share† | 71.8p | 68.5p | 5% | 7% |
| Dividend for the year | 28.2p | 26.35p | 7% | |
| Operating profit | £293.8m | £279.3m | 5% | |
| Profit before tax | £269.3m | £193.7m | 39% | |
| Basic earnings per share | 59.9p | 38.2p | 57% |
The company committed acquisition spend of £272 million adding record annualised revenue of more than £500 million and made significant expansion in South America with entry into four new countries.
The group operating margin* was up 10 basis points at constant exchange rates to 6.6%, with the North America operating margin* up 20 basis points to 6.4%. It was another year of strong cash flow with operating cash flow** to operating profit* of 93% and a nt debt to EBITDA† only increased from 1.7 to 1.8 times despite significant acquisition spend. The strong track record of dividend growth continues with an increase of 7%.
* Before intangible amortisation and acquisition related costs
† Before intangible amortisation, acquisition related costs and disposal of business
** Before acquisition related costs
Commenting on the results, Michael Roney, Chief Executive of Bunzl, said:
“I am pleased to report another good set of results for Bunzl due to a combination of organic revenue growth, good performance from the acquisitions made in 2011 and significant acquisition spend in 2012.
While the macroeconomic outlook remains challenging, particularly in Europe, we believe that our strong market position, growing and resilient customer base and the promising pipeline of opportunities for additional market consolidation will provide the Group with a good platform for further growth.”
Bunzl also today announces that it has acquired the business of McNeil Surgical Pty Ltd and its associated companies. Based in Adelaide, the business is engaged in the sale of healthcare consumables and equipment to aged care facilities, hospitals and medical centres as well as to redistributors, principally in South Australia. Revenue in the year ended 30 June 2012 was A$16 million. In addition the Company has completed the acquisition of Vicsa Brasil which was announced in January 2013.
