**Summary**
Bunzl PLC, an international distribution and services group, released a pre-close trading statement for the year ending 31 December 2025. Despite macroeconomic challenges, the company reaffirms its 2025 adjusted operating profit guidance, expecting revenue growth of 2-3% at constant exchange rates (flat at actual rates), driven primarily by acquisitions. Underlying revenue is expected to remain flat, with adjusted operating profit in line with expectations and an operating margin of around 7.6%. The second half of 2025 is anticipated to show improved performance compared to the first half, supported by operational enhancements, easier comparatives, and synergy benefits from the Nisbets acquisition.
Looking ahead to 2026, Bunzl forecasts moderate revenue growth at constant exchange rates, with a slight decline in operating margin. The company recently acquired Damito s.r.o., a Slovakian distributor, expanding its presence in Central Europe. Bunzl also completed a £200 million share buyback in 2025 and expects leverage to remain around 2.0 times by year-end. CEO Frank van Zanten expressed confidence in the groups resilience, highlighting operational improvements, new business wins in North America, and an active acquisition pipeline for 2026. A conference call for analysts and investors was scheduled for the same day, hosted by CFO Richard Howes.