International distribution and outsourcing group Bunzl, the owner of Lockhart Catering Equipment, has today published its annual results for the year ending 31 December 2017.
The revenue for these 12 months totalled more than a massive £8.5bn, 16% up on 2016’s £7.4bn.
Adjusted operating profit also grew healthily, from £525m in 2016 to £589.3m last year – an increase of 12%.
The group’s organic revenue growth increased to 4.3%, the highest level since 2006.
Furthermore, there was a record level of committed acquisition spend of £616m on 15 businesses acquired. These include two French light catering equipment suppliers, Comptoir de Bretagne and Générale Collectivités.
Subsequent to this results period, the Bunzl Lockhart division also acquired fellow UK catering equipment distributor Aggora Group.
Commenting on today’s results, Frank van Zanten, chief executive of Bunzl, said: “Bunzl has once again delivered good increases in revenue, adjusted operating profit and adjusted earnings per share due to a combination of an increased level of organic revenue growth and the impact of recently acquired businesses. 2017 was a record year for committed acquisition spend, which at £616m significantly exceeded the previous high of £327m achieved in 2015, and the pipeline of potential acquisitions for this year remains promising.
“Looking forward, we believe that the prospects of the group are positive due to our strong market position and our well established and successful strategy to grow both organically and by further consolidating the fragmented markets in which we compete.”
Bunzl doesn’t publish a breakdown of accounts across its divisions, so it is unknown how much of the 2017 revenue was generated from Lockhart Catering Equipment.