Global Finance News
02 Mar 2026, 19:56
Bunzl plc reported full-year results for the year ended 31 December 2025, showing modest revenue growth but lower profits year-on-year.
Revenue increased 0.6% as reported to £11,845.4 million and rose 3.0% at constant exchange rates, primarily driven by acquisitions. Underlying revenue growth was 0.4%, improving to 0.9% in the second half.
Adjusted operating profit declined 6.7% as reported to £910.3 million, or 4.3% at constant exchange rates, with operating margin falling 0.6 percentage points to 7.7%. Excluding a £7.8 million credit related to prior years’ share-based awards, adjusted operating profit was £902.5 million and margin 7.6%. The second-half margin decline moderated to 0.3 percentage points, supported by improved performance in North America, stabilisation in Continental Europe and expansion in the UK & Ireland.
Adjusted profit before tax fell 9.8% as reported to £787.1 million, while adjusted earnings per share decreased 7.7% to 179.3p (down 5.2% at constant exchange rates). On a statutory basis, operating profit was £735.3 million and basic EPS 141.5p.
Cash conversion remained strong at 95%, with free cash flow of £579 million, down 8.7%. Adjusted net debt to EBITDA stood at 2.0x at year-end. The total dividend increased 0.3% to 74.1p, continuing a long-term dividend growth track record averaging 9% CAGR since 2004.
During the year, Bunzl announced eight acquisitions with committed spend of £132 million, lower than in 2024, while completing a £200 million share buyback. Management reiterated its 2026 outlook, expecting moderate revenue growth at constant exchange rates and a slightly lower operating margin year-on-year.
Revenue increased 0.6% as reported to £11,845.4 million and rose 3.0% at constant exchange rates, primarily driven by acquisitions. Underlying revenue growth was 0.4%, improving to 0.9% in the second half.
Adjusted operating profit declined 6.7% as reported to £910.3 million, or 4.3% at constant exchange rates, with operating margin falling 0.6 percentage points to 7.7%. Excluding a £7.8 million credit related to prior years’ share-based awards, adjusted operating profit was £902.5 million and margin 7.6%. The second-half margin decline moderated to 0.3 percentage points, supported by improved performance in North America, stabilisation in Continental Europe and expansion in the UK & Ireland.
Adjusted profit before tax fell 9.8% as reported to £787.1 million, while adjusted earnings per share decreased 7.7% to 179.3p (down 5.2% at constant exchange rates). On a statutory basis, operating profit was £735.3 million and basic EPS 141.5p.
Cash conversion remained strong at 95%, with free cash flow of £579 million, down 8.7%. Adjusted net debt to EBITDA stood at 2.0x at year-end. The total dividend increased 0.3% to 74.1p, continuing a long-term dividend growth track record averaging 9% CAGR since 2004.
During the year, Bunzl announced eight acquisitions with committed spend of £132 million, lower than in 2024, while completing a £200 million share buyback. Management reiterated its 2026 outlook, expecting moderate revenue growth at constant exchange rates and a slightly lower operating margin year-on-year.