Bunzl, the parent company of Lockhart Catering Equipment and Aggora, has seen moderate growth during the first half of 2019.
In financial results posted for the 6 months to 30 June, the specialist international distribution and services group grew by 4.3% compared to the same period last year, with revenue up from £4.3bn to £4.5bn.
Operating profit increased at an even higher rate of 13%, from £210.8m to £239.0m, while operating margin was up 6.7%.
Its year to date committed acquisition spend of £98m plus an active pipeline may see the company further expand.
As Bunzl doesn’t report its divisions’ results individually, it is not known how much of these figures were generated by its catering equipment arm.
Frank van Zanten, chief executive of Bunzl, commented: “Against the background of slowing macroeconomic and market conditions across the countries and sectors in which we operate, Bunzl has produced a resilient operating performance with high cash conversion and an increased dividend.
“Looking forward, the group’s expectations for 2019 remain unchanged. Despite continuing economic uncertainties, the Board believes that the combination of our strong competitive position, diversified and resilient businesses and ability to consolidate our fragmented markets will lead to further progress.
“We have a strong balance sheet and are in active discussions with a number of acquisition targets which we anticipate will result in additional deals during the remainder of the year.”