LONDON (dpa-AFX) - Bunzl Plc (BZLFY.PK, BNZL.L), a British distribution and services company, reported that its group revenue for the first quarter was up 8.4% at actual exchange rates and up 1.2% at constant exchange rates.
At constant exchange rates, organic growth of 0.6% was driven by underlying revenue growth of 1.5%, partially offset by a negative trading day impact of 0.9%. Underlying revenue growth benefitted from continued inflation support but was impacted by the expected decline in Covid-19 related sales.
At constant exchange rates, the company continues to expect revenue in 2023 to be slightly higher than in 2022, driven by both organic growth and announced acquisitions, and partially offset by a small impact from the UK healthcare disposal.
The company projects annual group adjusted operating profit to be resilient, with operating margin slightly higher than historical levels.
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