LONDON (dpa-AFX) - Bunzl PLC (BNZL.L, BZLFY.PK), a British distribution and outsourcing company, on Tuesday reported a rise in earnings for the first half of fiscal 2026, helped by improved revenue.
For the six-month period to June 30, the company posted pre-tax income of GBP 290.4 million, higher than GBP 250.1 million in the same period last year. Excluding items, pre-tax earnings were GBP 380.9 million as against the prior year's GBP 345.6 million.
Net income was GBP 211.3 million, or 65.6 pence per share, compared with GBP 181.9 million, or 55.5 pence per share in the previous year. Adjusted income also moved up to GBP 281.8 million, or 87.7 pence per share from GBP 254.4 million, or 77.8 pence per share a year ago.
Operating profit moved up to GBP 351.2 million from GBP 300.5 million a year ago. Revenue stood at GBP 5.933 billion, up from GBP 5.759 billion in the previous year. Underlying revenue growth was 3.2% driven by both volumes and inflation. Volume growth over the first half was led by North America, supported by the company's Distribution business, although volume growth was delivered in all business areas.
Looking ahead, for fiscal 2026, the Group continues to expect revenue growth at constant exchange rates, excluding US IEEPA tariff refunds, to be driven by modest underlying revenue growth, supported by some inflation, alongside a small benefit from acquisitions.
Bunzl will pay an interim dividend of 20.8 pence per share on January 5, 2027, to the shareholders on the register as of November 13, 2026.
In addition, the company has announced that it has decided to launch a share repurchase program of up to GBP 500 million, to be completed over the next 12 months.
'This program is in line with the company's capital allocation policy of distributing excess cash, whilst maintaining headroom for the continued prioritization of high return bolt-on acquisitions,' the company said.
Bunzl will begin the first tranche of the share repurchase program on September 1, to be completed no later than December 22. Under the first tranche, the company will repurchase up to 32.421 million of its shares for a maximum consideration of GBP 250 million. The purpose of the share repurchase program is to reduce the issued share capital of Bunzl.
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