LONDON (dpa-AFX) - Bunzl Plc (BZLFY.PK) said it expects to deliver another strong performance in 2021, with underlying revenue expected to demonstrate high single digit growth against 2019.
The company expects group revenue for 2021 to increase year-on-year by about 2% at actual exchange rates and by about 7% at constant exchange rates, with the impact of acquisitions being similar to underlying revenue growth, and a small negative impact from fewer trading days.
At constant exchange rates, underlying revenue growth for 2021 is expected to reflect a strong recovery in the base business, supported by inflation, partially offset by the anticipated decline in Covid-19 related orders with deflation on certain Covid-19 related products. Group adjusted operating margin is expected to be only slightly ahead of historical levels.
Looking ahead, at constant exchange rates, the group expects revenue in 2022 to be slightly higher than in 2021, driven by the impact of acquisitions completed this year. The company expects continued uncertainties relating to the extent of inflation and the effect of new Covid-19 variants.
The company expects the continued normalization of group operating margins in 2022 to more historical levels, as the mix of sector and product sales returns to more typical levels for the Group.
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