Bunzl PLC - London-based distribution and services provider - Revenue grows by 2.0% in the third quarter, while operating margin is in line with expectations, Bunzl says. Revenue is up 5.4% on a year before at constant exchange rates, though underlying revenue is down 1.2%. Underlying growth is organic revenue adjusted for trading days. Bunzl says underlying revenue trends continue to improve, highlighting the US food service redistribution business, which supported volume growth in North America.

Bunzl leaves its full-year guidance unchanged, expecting ‘robust’ revenue growth at constant exchange rates, driven by acquisitions. Underlying revenue will show a ‘small decline’, however. Operating margin is expected to be ‘modestly above’ 2023.

Bunzl in August said it will commit £700 million per year toward acquisitions and capital returns through to 2027. Since then, it has completed £100 million of the initial £250 million share buyback announced at the time.

Current stock price: 3,456.00 pence, down 2.5% in London on Thursday

12-month change: up 23%

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