Highlights include:
Committed acquisition spend of £272 million adding record annualised revenue of more than £500 million
Significant expansion in South America with entry into four new countries
Group operating margin up 10 basis points at constant exchange rates to 6.6%
North America operating margi* up 20 basis points to 6.4%
Another year of strong cash flow with operating cash flow to operating profit of 93%
Net debt to EBITDA only increased from 1.7 to 1.8 times despite significant acquisition spend
Strong track record of dividend growth continues with an increase of 7%
The Board is recommending a final dividend of 19.4p. This brings the total dividend for the year to 28.2p, up 7% compared to 2011.
Commenting on today's results, Michael Roney, Chief Executive of Bunzl, said:
"I am pleased to report another good set of results for Bunzl due to a combination of organic revenue growth, good performance from the acquisitions made in 2011 and significant acquisition spend in 2012.
While the macroeconomic outlook remains challenging, particularly in Europe, we believe that our strong market position, growing and resilient customer base and the promising pipeline of opportunities for additional market consolidation will provide the Group with a good platform for further growth."
Bunzl also today announces that it has acquired the business of McNeil Surgical Pty Ltd and its associated companies. Based in Adelaide, the business is engaged in the sale of healthcare consumables and equipment to aged care facilities, hospitals and medical centres as well as to redistributors, principally in South Australia. Revenue in the year ended 30 June 2012 was A$16 million. In addition the Company has completed the acquisition of Vicsa Brasil which was announced in January 2013.
