LONDON (dpa-AFX) - Bunzl plc (BZLFY.PK, BNZL.L) reported that its first quarter Group revenue was up 5.4% at actual exchange rates and 10.4% at constant exchange rates. Underlying revenue growth at constant exchange rates was 1.4%, in line with the Group's expectations. The Group said its Group adjusted operating margin continued to be supported by demand for certain Covid-19 related products.
At constant exchange rates, the Group continues to expect robust revenue growth in 2021, excluding larger Covid-19 related orders which contributed approximately 550 million pounds of revenue in 2020. After excluding larger Covid-19 related orders, the Group continues to expect good organic revenue growth in the first half of 2021 to be followed by a moderate decline in the second half. Group adjusted operating margin for the year is expected to return to a more historical level, the Group said.
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