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Sterling has provided a bonus for Bunzl.
The outsourcing company, which distributes the likes of coffee cups and carrier bags, has reported a 15 per cent rise in adjusted operating profit to £525m, flattered by the slump in the pound. Without it, growth would have been a more modest 5 per cent.
“Overall currency translation movements due to the weakening of sterling had a significant positive impact on the reported Group growth rates at actual exchange rates,” the company noted.
Statutory pre-tax profits were up by 12 per cent to £362.9m.
In the UK itself, revenues declined by 2 per cent – a black spot compared to growth of 10 per cent for continental Europe and 3 per cent for North America.
Also today, Bunzl has announced the purchase of safety specialist LSH, based in Singapore. LSH generated revenues worth the equivalent of £5m in 2016.
Bunzl says this marks its “first step into Singapore”, taking the total number of countries it covers to 30.