Broker snap: Bunzl on the prowl

24th Aug 2009 12:42

Distribution and outsource specialist Bunzl was wanted Monday morning after reporting a rise in interim pre-tax profits. The figures were a tad below Ambrian's forecasts, but at least they contained no nasty surprises.'The weakness in the UK & Ireland had been clearly flagged as the business mix is more cyclical ? it includes vending and more non-food retail customers than other regions. There was also a negative currency transactional exposure in the UK supply chain,' the broker noted.The acquisition hungry group has not been able recently to spruce up its performance with a few bolt-on deals but, given the current economic environment, Ambrian believes the acquisition pipeline will fill up over the next 12 months.