The Investor
02 Apr 2026, 21:19
Bunzl plc reported its 2025 annual results, showing modest revenue growth but a decline in profitability amid challenging market conditions.
Revenue rose 3.0% at constant exchange rates to £11.85 billion, primarily driven by acquisitions, while underlying growth remained limited at 0.4%. However, adjusted operating profit fell 4.3% to £910.3 million, with margins declining from 8.3% to 7.7%.
Adjusted earnings per share decreased 5.2%, reflecting weaker profitability, although the company maintained strong cash generation with £579 million in free cash flow and a cash conversion rate of 95%.
Bunzl completed eight acquisitions during the year with a total spend of £132 million and executed a £200 million share buyback, while increasing its dividend slightly to 74.1p per share.
Despite the softer performance, the company reiterated its 2026 outlook, expecting moderate revenue growth and a slightly lower operating margin, supported by improving operational trends in key regions and an active acquisition pipeline.
Revenue rose 3.0% at constant exchange rates to £11.85 billion, primarily driven by acquisitions, while underlying growth remained limited at 0.4%. However, adjusted operating profit fell 4.3% to £910.3 million, with margins declining from 8.3% to 7.7%.
Adjusted earnings per share decreased 5.2%, reflecting weaker profitability, although the company maintained strong cash generation with £579 million in free cash flow and a cash conversion rate of 95%.
Bunzl completed eight acquisitions during the year with a total spend of £132 million and executed a £200 million share buyback, while increasing its dividend slightly to 74.1p per share.
Despite the softer performance, the company reiterated its 2026 outlook, expecting moderate revenue growth and a slightly lower operating margin, supported by improving operational trends in key regions and an active acquisition pipeline.