Bunzl PLC on Thursday said it expects to deliver another ‘resilient’ performance in the first half of 2023.

The London-based distribution services company expects revenue to be up between 4% and 5% year-on-year at actual exchange rates, or 1% at constant exchange rates. In August last year, Bunzl had reported a statutory revenue of £5.65 billion for the first half of 2022.

Bunzl said that in 2023 as whole, revenue is expected to be ‘slightly’ higher than in 2022, when revenue was £12.04 billion.

Further, it expects operating margin in the first half of 2023 to ‘remain well ahead of historical levels and driving an upgrade to our full year expectations’.

The company also announced it has entered an agreement to acquire EHM Ltd, a London-based distributor of personal protective equipment products in the UK with a revenue of £18 million in 2022. Bunzl said the acquisition would be complementary to its existing safety business. The financial details were not disclosed.

Bunzl shares were 2.6% lower at 3,025.00 pence each in London on Thursday morning.

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