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Bunzl eyes more deals after first-half profit beat
August 27, 2013 / 6:53 AM / 4 years ago

Bunzl eyes more deals after first-half profit beat

LONDON, Aug 27 (Reuters) - Britain’s Bunzl PLC bought two more companies on Tuesday, continuing an acquisition drive that helped pretax profit rise by a better-than-expected 12 percent in the first half.

The group, which distributes consumable products to businesses, said it had agreed to buy Mexican safety products supplier Espomega and Britain’s TFS, which provides point-of-sale materials.

The two deals take Bunzl’s spending on acquisitions to 203 million pounds ($316 million) so far this year, and it said it had a promising pipeline of opportunities for the rest of the year. It spent a total 272 million pounds in 2012.

Acquisitions helped the group post pretax profit of 167.6 million pounds for the six months to end June, on revenue up 13 percent to 2.96 billion pounds, resulting in adjusted earnings per share of 27.8 pence.

Analysts were expecting the group to report pretax profit of 163.4 million pounds, according to a company-supplied consensus of 13 brokers.

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