US sales boost bails out ‘subdued’ Bunzl

BUNZL today said “subdued” activity in the UK and Ireland dented operating profit in the first half. Revenue for the region fell 3% to £523.4 million and operating profit fell 4% to £36 million. The outsourcer fared better in the US, where it makes most of its sales. Overall group sales beat expectations, with revenue up 6% to £3.45 billion.