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Lockhart parent continues first half annual growth

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Bunzl has grown over the last 6 months as the foodservice industry has reopened.

Bunzl, the parent company of Lockhart Catering Equipment, Aggora, Continental Chef Supplies and Comax, has confirmed its financial results for the 6 months ended 30 June 2021.

Its half yearly financial report reveals that revenue reached £4,866.6m, which is 0.4% above what it achieved in the same period of 2020, or a growth of 6.3% at constant exchange rates.

The company says these increases were supported by a strong recovery in the base business and acquisitions, as well as resilience through the pandemic, with underlying revenue 5.7% higher than in the first half of 2019.

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Adjusted operating profit has increased by 14.7% at constant exchange rates, from £340.8m to £366.8m, while reported operating profit were up by 8.8% from £279.4m to £304.1m.

Frank van Zanten, CEO of Bunzl, said: “As our first half results have demonstrated, our colleagues continue to navigate the challenges associated with the pandemic incredibly well.

“While some regions have seen a strong recovery, others have experienced greater pandemic-related restrictions at various points over the last 6 months. One of the key strengths of our decentralised business is the ability to respond to local situations, enabling a consistent focus on delivering the right solutions for our customers.

“Whilst we are now seeing a reversal in Covid-19 related sales, this has been more than offset by the recovery experienced in our base business over the first half.

“The group’s performance over the first half and the excellent underlying revenue growth we have delivered over a 2 year period demonstrates the resilience of our diversified portfolio.”

He concluded: “Our outlook for 2021 is unchanged and we continue to expect, at constant exchange rates, underlying revenue to be moderately higher than the pre-pandemic period in 2019.

“Acquisitions will further contribute to growth, with £134m committed spend year to date, and an active pipeline supported by substantial financial headroom.

“Looking ahead, we expect future growth to be supported by a recovery in the base business and economic activity, enhanced hygiene trends and our differentiated offering of sustainable and responsible solutions.”

Tags : aggorabunzlbunzl lockhartbusinesscomaxcontinental chef suppliesfinancial resultsfinancialsLockhartlockhart catering equipment
Clare Nicholls

The author Clare Nicholls

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