Bunzl (LSE:BNZL) reported that underlying revenue grew 3.7% in the three months to 30 September, as the London-listed distributor of non-food consumables and packaging confirmed trading remains in line with the upgraded guidance it gave at the half-year.
Group revenue rose 3.1% at constant exchange rates, with growth driven by inflation-linked product cost increases and volume gains, particularly in the North America Distribution business. Acquisitions added 0.4% to revenue growth, while fewer trading days in the quarter reduced revenue by 1.1%; operating margin came in line with expectations.
Bunzl reiterated its full-year outlook, continuing to expect modest underlying revenue growth, some inflation benefit and a small contribution from acquisitions, with operating margin broadly flat against the 7.6% reported in 2025. The group also maintained guidance for net adjusted finance expense of £125 million to £130 million and a full-year effective tax rate of around 26.0%.
Bunzl completed the acquisition of Blueleaf Care in October, a UK distributor of care and nursing home products that generated £58 million of revenue in 2025, following bolt-on deals this year in Australian healthcare distribution (Scientifix) and Spanish hospitality supply (Ghessu Bath).
Read more about Bunzl
- 08/10/26Bunzl acquires UK care home products distributor Blueleaf Care
- 01/09/26Bunzl raises 2026 outlook, launches £500m buyback
- 23/06/26Bunzl upgrades 2026 outlook as North America recovery drives H1 growth
The group has completed approximately £225 million of the £500 million share buyback programme announced alongside its half-year results, and said it retains balance sheet headroom to fund further bolt-on acquisitions.
"Bunzl has delivered another quarter of good underlying revenue growth, with continued volume growth and effective management of inflation in volatile markets demonstrating the resilience of our business," said chief executive Frank van Zanten, adding that the company is "focused on making further bolt-on acquisitions from our active pipeline, alongside the execution of our £500 million share buyback programme."