Bunzl PLC on Wednesday retained its guidance after reporting a first quarter revenue climb, boosted by inflation.

The London-based distribution and services firm said sales in the first quarter of 2022 were up 13% year-on-year at actual exchange rates.

Meanwhile, underlying revenue grew 11%, at constant exchange rates. The FTSE 100 firm said this was mainly driven by inflation and continued momentum in its base business.

‘Overall, inflation remained particularly supportive to our businesses in North America, while the UK & Ireland and continental Europe delivered very strong growth compared to the prior year due to inflation and recovery of the base business,’ said Bunzl.

Bunzl maintained its guidance, expecting moderate revenue growth in 2022, driven by acquisitions and supported by a ‘slight increase’ in organic revenue.

Further, Bunzl expects its operating margin in 2022 to be ‘slightly higher’ than in the past.

The FTSE 100 firm still anticipates the continued recovery of its base business to be partially offset by the further normalisation of sales of Covid-19 related products.

Shares in Bunzl were marginally higher at 3,068.00 pence each on Wednesday morning in London.

Copyright 2022 Alliance News Limited. All Rights Reserved.