Bunzl PLC Ord 32 1/7P - Profits hurt by slowing global economy
Outsourcing company Bunzl reported a modest uptick in profits as a slowing global economy kept a lid on growth. The company also confirmed that it was in talks with 'a number' of targets to accelerate growth in the second half of the year. For the six months ended 30 June 2019, pre-tax profit rose 1.6% to £200.5m from a year earlier and revenue climbed 4.3% higher to £4.53m. Bunzl raised its interim dividend to 15.5p a share, up 2% on last year. The company left its expectations for 2019 unchanged. 'Against the background of slowing macroeconomic and market conditions across the countries and sectors in which we operate, Bunzl has produced a resilient operating performance with high cash conversion and an increased dividend,' said Chief Executive Frank van Zanten. 'We have a strong balance sheet and are in active discussions with a number of acquisition targets which we anticipate will result in additional deals during the remainder of the year.'