Shares in Bunzl tumbled nearly 10 per cent after it reported a fall in underlying revenue for the first quarter of 2009, and said that margins were coming under pressure in the UK and Ireland amid poor sales from its vending machines and safety equipment.

In the first three months of 2009, revenue at the distribution group grew 18 per cent due to currency movements and recent acquisitions. But stripping these effects out, underlying revenue fell.