Bunzl plc, the international distribution and outsourcing group, today announces its interim management statement for the period since 30 June 2013.
Overall trading has been consistent with expectations at the time of the half year results announcement in August. At constant exchange rates, group revenue for the third quarter has increased 12% compared to the same period last year due to underlying growth of about 2% and the positive impact from acquisitions.
Growth through acquisitions is a key component in the ongoing development of Bunzl and today the company is also announcing the acquisition of Pro Epta based in Mexico City. Operating from three warehouses and eight showrooms located throughout the country, the business is a leading distributor of catering equipment throughout Mexico, principally to luxury hotels and restaurants. Revenue in the year ending 31 December 2013 is expected to be approximately MXN360 million (c.£18 million).
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.
Commenting on the acquisition, Michael Roney, Chief Executive of Bunzl, said:
"The acquisition of Pro Epta further extends our business in Mexico into the catering equipment sector following the recent expansion into the safety sector with the acquisition of both Vicsa and Espomega. The business has a strong position in this promising market and we are delighted to welcome their employees to the Bunzl Group."