Bunzl (LSE:BNZL) delivered first‑quarter trading consistent with expectations and reiterated its 2026 guidance after underlying revenue rose 2.0% at constant exchange rates.
Group revenue grew 1.5% at constant exchange rates (down 0.4% at actual rates). Acquisitions net of disposals added 0.6% to growth, while fewer trading days reduced revenue by 1.1%. Management said volume growth, helped by easier comparatives, and tariff‑related price increases supported the top line. Adjusted operating profit for the period was "consistent with our expectations for a more stable performance in 2026."
North America marginally outperformed the group, benefiting from actions taken to improve performance and new business won in H2 2025; other regions showed slight underlying growth in aggregate.
The group reiterated it still expects "moderate revenue growth at constant exchange rates, driven by some underlying revenue growth and a small benefit from acquisitions, and operating margin to be slightly down year‑on‑year."
"The Group continued to deliver underlying revenue growth in the first quarter, supported by actions taken to improve performance and our strengthened focus on organic revenue opportunities," said Frank van Zanten, Chief Executive Officer
Frank van Zanten added: "I remain fully confident in our ability to generate long‑term compounding growth and value creation for all of our stakeholders."
