FX headwinds slow Bunzl's growth

Distribution and outsourcing group Bunzl said the third quarter saw a moderation in the underlying revenue growth rate, particularly in North America, where the company is going up against tough comparatives.

Distribution and outsourcing group Bunzl said the third quarter saw a moderation in the underlying revenue growth rate, particularly in North America, where the company is going up against tough comparatives.

In the third quarter the underlying growth rate, which strips out the effects of acquisitions, eased to 2%, with exchange rate fluctuations not helping, shaving between two and three percentage points off the rate.

Otherwise, trading has been consistent with expectations at the time of the group's half year results announcement in August.

At constant exchange rates group revenue (including acquisitions and stripping out disposals) was up 5% in the third quarter and by 6% year to date.

"Although it is difficult to predict the future direction of economies globally, the board believes that the group's businesses, which have leading positions in relatively resilient sectors, should continue to develop due to underlying growth and the positive impact from acquisitions," the company's statement said.

JH

Recommended

Share tips of the week – 19 August
Share tips

Share tips of the week – 19 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
19 Aug 2022
How to invest in smart factories as the “fourth industrial revolution” arrives
Share tips

How to invest in smart factories as the “fourth industrial revolution” arrives

Exciting new technologies and trends are coming together to change the face of manufacturing. Matthew Partridge looks at the companies that will drive…
18 Aug 2022
How to invest today? Look to the past, not the future
Investment strategy

How to invest today? Look to the past, not the future

The past few years have seen so many changes to our way of life that many people said we had entered a “new normal”. But as it turns out, the new norm…
18 Aug 2022
A new legal headache for Haleon
Stocks and shares

A new legal headache for Haleon

Haleon, GSK’s former consumer-products arm, spun off last month, has made a dismal debut on the stockmarket.
17 Aug 2022

Most Popular

How to protect your wealth as inflation hits new record highs
Investment strategy

How to protect your wealth as inflation hits new record highs

UK inflation has hit a new record high of 10.1%. It's going to hurt, says Dominic Frisby. Here's how you can protect your wealth.
17 Aug 2022
How to cut your energy bill
Personal finance

How to cut your energy bill

The energy-price cap will almost double in the autumn. What does this mean for your money, and how can you alleviate the squeeze? Ruth Jackson-Kirby h…
17 Aug 2022
Are GSK’s legal troubles a threat to the firm’s survival?
Biotech stocks

Are GSK’s legal troubles a threat to the firm’s survival?

Pharmaceutical giant GlaxoSmithKline is facing legal action over heartburn drug Zantac that has seen billions wiped off its market value. Rupert Hargr…
16 Aug 2022