Bunzl profit up as it eyes acquistions

British distributor Bunzl posted a rise in full year pre-tax profit and said it planned acquisitions to drive further growth.

FTSE 100-listed Bunzl, which among other things supplies carrier bags, take-away boxes and healthcare products, announced profit before amortisation and acquisition costs of £276m for the year to 31 December 2010.

Sales rose four per cent to £4.8bn.

"We believe that the opportunity for future development both organically and through acquisitions, combined with our market leading positions and our strong cash flow and balance sheet, should enable the group to achieve further growth," Bunzl Chief Executive Michael Roney said in a statement.

The company said it would recommend a 9 percent increase in its final dividend to 16 pence, bringing the total dividend for the year to 23 pence – an eight per cent increase.