LONDON (dpa-AFX) - Bunzl Plc (BZLFY.PK, BNZL.L), a British distribution and outsourcing company, reported Tuesday that its first-half profit before income tax dropped 12% to 279.4 million pounds from last year's 317.1 million pounds.
Basic earnings per share fell 16.4% to 59.2 pence from prior year's 70.8 pence.
Adjusted profit before income tax was 408.7 million pounds, compared to last year's 395.6 million pounds. Adjusted earnings per share were 90.8 pence, compared to 88.3 pence a year ago.
Revenue dropped 3.3 percent to 5.71 billion pounds from last year's 5.91 billion pounds. On a constant currency basis, revenues edged down 0.4 percent.
Further, the company announced a 10.4 percent increase in interim dividend per share to 20.1 pence. The dividend will be paid on January 3, 2025 to shareholders on the register at the close of business on November 15.
The Board also announced an initial 250 million pounds share buyback that will commence with immediate effect, to be completed no later than March 3, 2025. The Board expects to announce a further share buyback at its 2024 preliminary results of around 200 million pounds.
Looking ahead for fiscal 2024, Bunzl upgraded adjusted operating profit guidance, driven by improved margin performance and acquisitions.
The company now expects annual adjusted operating profit to show a strong increase in comparison with 2023, at constant exchange rates.
Group operating margin is now expected to be moderately above the level reported for 2023
The company continues to expect to deliver robust revenue growth in 2024, at constant exchange rates, driven by acquisitions already completed in 2024; with a small decline in underlying revenue.
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