Bunzl Full-Year Report 2023
“I am proud of the Group’s performance during 2023; the efforts of Bunzl colleagues around the world have resulted in a strong profit performance for the Group, underpinned by a record operating margin of 8.0%. Over the year we saw overall good outcomes on tendering activity reflecting the strength of our value-added proposition, including our sustainability expertise and digital capabilities”
Highlights
- Revenue declined by 1.9% at constant exchange rates and by 0.4% excluding the UK healthcare disposal; revenue remains significantly ahead of 2019
- Adjusted operating profit increased by 6.2% at constant exchange rates, with growth of 7.6% excluding the UK healthcare disposal; reported operating profit rose by 12.5%
- Operating margin increased from 7.4% to 8.0%
- Adjusted earnings per share increased by 2.7% at constant exchange rates; reported basic earnings per share increased by 10.9%
- Continued strong free cash flow driven by cash conversion of 96%
- 31st consecutive year of annual dividend growth; total dividend per share growth of 8.9%
- 19 acquisitions agreed in 2023, with a committed spend of £468 million; two acquisitions announced today
- Net debt to EBITDA of 1.1 times provides substantial headroom for acquisitions and other capital allocation options
- Maintaining our 2024 profit guidance published in our pre-close statement
