Bunzl Forecasts Profit Growth And £500M Buyback
Bunzl forecast modest annual profit growth and announced a £500 million share buyback. The business supplies distributor was supported by an improving North American performance.
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BUNZL PLC forecast modest growth in adjusted operating profit for the year, driven by strength in its North American market and higher pricing. The distribution company reported an 8.9% increase in adjusted profit before tax to £380.9M at constant exchange rates for the six months ended June 30.
The update follows reports that United States activist investor Elliott built a stake in the United Kingdom-based distributor. Shares rose nearly 3% to £28.62 in early trading.
