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Strong US dollar boosts Bunzl 2009 profitSimeon Goldstein, 22 February 2010Be the first to comment on this article Packaging and distribution firm Bunzl has benefited from a strong US dollar to post 6% growth in pre-tax profit for 2009 despite falling revenues in the UK and Ireland. Bunzl reported 11% growth in sales for the year to £4.6bn that it said were boosted by a good performance in its North American business and a positive exchange rate. Pre-tax profit rose by 6% to £258m. At constant exchange rates, revenue in 2009 was the same as the previous 12 months, while pre-tax profit fell by 5%. Bunzl said that operating profit in its UK and Ireland operations had fallen by 26% to £57.8m and sales fell 3% to £1bn. The firm attributed this to sectors such as vending and non-food retail that were “less resilient to the prevailing economic conditions” and had detracted from stronger sectors of hygiene, healthcare and food. Chief executive Michael Roney said he was particularly encouraged by the company’s second-half performance when UK operating margins had improved. “Looking ahead, while the economic conditions are expected to remain challenging, we believe that Bunzl should continue to show resilience and to develop well,” he said. Bunzl has today announced it bought Danish catering disposables and equipment supplier Hamo in January. Click here for today’s headlines from across the packaging industry Speak Your Mind |
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