US growth helps buoy Bunzl during first half

Profits at outsourcing and distribution firm Bunzl rose sharply in the first half of the year as it reaped the rewards of growth in the US.

The group posted a 20 per cent rise in revenue to £4.1 billion and pre-tax profit increased 17 per cent to £181.9 million in the six months to 30 June.

Bunzl has been buoyed by a string of acquisitions in North America, where it books the vast majority of its revenue, and the Brexit-induced slide in sterling.

Chief executive Frank van Zanten said: “Bunzl has once again delivered good increases in revenue, adjusted operating profit and adjusted earnings per share. I am particularly pleased to report a significant pick-up in the level of organic revenue growth to 3.7 per cent during the first half of 2017 following the previously announced new business win in North America last year.”

Bunzl, which supplies food packaging to restaurants and hotels and shopping bags to the retail sector, has committed to spending £546m on acquisitions this year.