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UK's Bunzl sees higher 2023 revenue on acquisitions, strong demand for products

UK's Bunzl sees higher 2023 revenue on acquisitions, strong demand for products
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By Reuters
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-British business supplies distributor Bunzl Plc said on Wednesday it expected revenues in 2023 to be slightly higher, banking on the acquisitions it made this year and strong demand for its cheaper and high-margin products amid soaring inflation.

Businesses across the UK are looking to cut costs as they battle a rise in prices for everything from fuel to packaging materials due to supply-chain disruptions and the Ukraine conflict.

The company, which supplies food packaging, latex gloves, work wear and stationery to businesses, said it expected revenue to increase by 17% for the year ending Dec. 31, compared with 10.23 billion pounds ($12.44 billion) a year earlier.

The FTSE 100 firm, which had benefited from demand for COVID-related products during the height of the pandemic, added that it expected adjusted operating margin for the year to be slightly ahead of prior guidance.

Bunzl, which agreed to sell its UK healthcare division to Dutch health care company Mediq on Tuesday, said it continued to see macroeconomic uncertainties.

($1 = 0.8224 pounds)

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