Net inflationary environment potentially a medium-term support
growth
Drivers
Operating
Higher margin acquisitions delivered in recent years
supporting our
medium-term
margin
Sustainably higher operating margin compared to pre-pandemic
outlook
Capital
Step-change in level of committed acquisition spend over recent years
allocation
Substantial opportunities for consolidation
2023 HALF YEAR RESULTS
3
HALF YEAR 2023 HIGHLIGHTS
Strong operating margin achieved; substantial reduction in inventory
Notes
Revenue growth
2.4%1,2
Normalisation of wider
year-on-year
Covid-19 related trends
Free cash flow3
21%4
Supported by
meaningfully reduced
growth
inventory
Year-to-date
12 acquisitions
>£350m
announced, including
committed spend
entry into Poland; active
on acquisitions
pipeline
vs. 7.3% in H1 22;
Operating
7.4%
increase in FY23
margin3
operating margin
expectations
Net debt/
1.1x
Substantial headroom
EBITDA3,5
for acquisitions
Interim dividend
5.2%
Extending 30 years of
consecutive annual
per share growth
dividend growth
At constant exchange rates
Excluding the impact of the disposal of our UK healthcare business
Alternative performance measure - see Appendix 1
At actual exchange rates
On a covenant basis - at average exchange rates and based on historical accounting standards, in accordance with Group's external debt covenants
2023 HALF YEAR RESULTS
4
FINANCIAL RESULTS AND OUTLOOKRichard Howes, Chief Financial Officer
2023 HALF YEAR RESULTS
5
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Disclaimer
Bunzl plc published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 August 2023 08:44:14 UTC.
Bunzl plc specializes in the distribution of hygiene and safety packages, products, and materials. The group also offers packaging products, restaurant items (cutlery, glassware, kitchen utensils, etc.), cleaning products (soaps, detergents, toilet paper, custodial products, polishes, washing machines, etc.), and personal protection equipment (gloves, masks, clothing, etc.).
Net sales break down by sector into food services (29.8%), grocery stores (26.1%), safety (14.8%), retail (9.6%), hygiene and cleaning (9.3%), healthcare (7%), and other (3.4%).
Net sales are distributed geographically as follows: the United Kingdom and Ireland (12%), Continental Europe (18%), North America (61.2%) and other (8.8%).
BUNZL PLC 
