FTSE 100-listed distribution group Bunzl posted a four per cent increase in half-year profit today as it announced an acquisition in Norway, its first in the country.
The outsourcing and distribution business, now with operations in 31 countries, grew adjusted profit before tax to £257.9m, while revenue grew five per cent to £4.343bn.
It acquired Oslo-based Enor for an undisclosed fee, strengthening its presence in Scandinavia where it also has a base in Denmark.
Enor supplies light catering equipment to customers that include hotels, restaurants and hospitals.
Its revenue for the year ended 31 December 2017 was NOK294 million (£27m).
It is the fourth acquisition Bunzl has announced this year, with a total spend of £132m. The company has also offloaded two non-core businesses in France and the UK.
It announced an interim divided of 15.2 per cent, up 9 per cent from 14p in the same period last year.
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Chief executive Frank van Zanten said: “Bunzl has delivered another good set of results with double digit increases at constant exchange rates in revenue, adjusted operating profit and adjusted earnings per share. I am particularly pleased to report a further improvement in the level of organic revenue growth to 5.2 per cent during the first half of 2018.
“Looking forward to the rest of the year, the board is confident that the prospects for the group are positive and that the company will continue to develop the business and build shareholder value through a combination of organic growth and further acquisitions as the year progresses.”
Its share price rose 1.72 per cent this morning.