Improves FY guidance (Il Sole 24 Ore Radiocor) - London, 27 Jun - Bunzl, a UK distribution and services group, said that for the six months ending June 30 it estimates that revenue decreased 3-4% year on year at actual exchange rates and 0-1% at constant exchange rates.

Underlying revenue, which is organic revenue adjusted for trading days, is expected to decline by around 5%, mainly driven by the previously disclosed volume reductions and deflation in the US business, it added.

The operating margin for the first half of 2024 is expected to "show a strong improvement compared to the first half of 2023, resulting in robust adjusted operating profit growth at constant exchange rates," it added.

Bunzl said that it is upgrading its guidance for the year "based on improved margin performance, driven by good margin management, including increased own brand penetration, and acquisitions." The group now expects to deliver robust revenue growth in 2024, at constant exchange rates, driven by acquisitions already completed in 2024, with a small decline in underlying revenue. The group operating margin is now expected to be slightly above the level reported for the full year 2023, it added.

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(RADIOCOR) 27-06-24 09:01:50 (0168) 5 NNNN