Lockhart’s owner hits its numbers

Lockhart Catering Equipment’s parent company Bunzl today delivered positive news for investors after it revealed annual growth in sales and pre-tax profits.

The London-listed outfit, which has subsidiaries all around the globe, posted sales of £6.09bn for 2013, up 14% year-on-year and 12% on a constant exchange basis. Pre-tax profits climbed 17% to £414m.

Bunzl also said its adjusted earnings increased from 70.6p to 824.p, while the dividend it pays out went up 15% to 32.4p.

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Bunzl spent £295m on 11 acquisitions last year, but said net debt to EBITDA still remained at the same level of 1.8 times.

Michael Roney, chief executive of Bunzl, said the numbers marked an “excellent set of results”, with the company combining organic growth with strong acquisition activity to achieve top and bottom line improvements.

Investors were told to expect further growth going forward. “We believe that an improving macroeconomic outlook, Bunzl’s strong competitive position and the full-year impact of the 2013 acquisitions should lead to good growth at constant exchange rates in 2014 as we continue to build value for our shareholders,” said Roney.

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