Bunzl reported first-half adjusted operating profit up 8% to £441 million, with revenue growing 4.1% at constant exchange rates, and raised its full-year outlook while announcing a £500 million share buyback and a 3% interim dividend increase. The company's North American distribution business rebounded with 8% underlying revenue growth, driven by volume gains and customer wins, although operating profit remained flat due to lower-margin grocery activity and higher variable costs. Bunzl expects modest full-year revenue and adjusted operating profit growth, with group operating margin broadly flat compared to 2025's 7.6%, excluding an £8 million share-based payment credit. Management cautioned that second-half margins will be lower year over year as inflation-related inventory gains unwind and Nisbets synergies annualize. The company also plans to accelerate bolt-on acquisitions, having identified over 1,300 potential targets.
Bunzl PLCH1 adjusted operating profit rose 8% to £441M, full-year outlook raised, plus a £500M buyback and 3% dividend increase.
