Bunzl looks for more deals

28th Feb 2011 07:21

Plastics disposables giant Bunzl is to continue with its acquisition spree despite some concerns over the health of the global economy.Bunzl made nine acquisitions last year, costing £126m and adding £154m in annualised revenue. Revenue overall increased by 4%, from £4.65bn to £4.83bn, in 2010. Underlying profits rose 7% from £258m to £275m, with pre-tax profits up to £225m from £216m."Even though the outlook for economic growth remains uncertain, we believe that the opportunities for further development of the Group across our international markets are promising, "Bunzl said."In North America we anticipate good underlying revenue growth, albeit lower than the relatively high level of 2010, and margins should be stable. In the UK & Ireland, in spite of the continuing difficult economic conditions, especially in Ireland and in those businesses selling to the public sector, we expect an improved performance. " "Continental Europe should see better underlying revenue growth and the full year impact of acquisitions made in 2010 will enhance the overall results. The Rest of the World should also benefit from good underlying revenue growth and continued strong performance," it added.The divided for the year goes up 8% to 23.35p.