Bunzl eyes more mergers and acquisitions
Distribution group claims boost in trading is down to continued acquisitions
Distribution group Bunzl is looking to secure more mergers and
acquisitions in the upcoming months.
The firm announced that trading has been boosted by the five
acquisitions, worth £85 million in annual revenues, it had already
made this year
Chief executive Michael Roney claimed Bunzl would continue its
strategy for expansion throughout 2010.
He said in a statement: "The company expects that the current
environment will lead to more transactions being finalised during
the remainder of the year."
Bunzl recorded strong revenue growth in the US as existing
customers did more business with the firm.
Favourable foreign exchange rates and cost-cutting measures also
helped boost profit levels.
In the UK and Ireland, year-on-year sales dropped due to the
difficult economic conditions, although profits did rise due to
improved operating margins.