Bunzl reiterated its 2026 guidance on Wednesday after a steady first quarter of trading amid a tougher macro backdrop.
Revenue at constant exchange rates rose 1.5% in the three months to 31 March, with underlying revenue up 2.0%. Volume growth and tariff-related price rises supported the top line, though one fewer trading day in the period knocked 1.1% off the headline figure. Acquisitions net of disposals added 0.6%.
North America was the area of strength, with underlying growth running slightly ahead of the wider group as turnaround plans and new business won in the second half of 2025 fed through. Other regions delivered modest underlying growth in aggregate.
Adjusted operating profit came in line with management’s expectations for a more stable year in 2026.
Bunzl reiterated full-year guidance, pointing to moderate revenue growth at constant currency, helped by a small contribution from M&A, with operating margin expected to dip slightly year-on-year.
Frank van Zanten, Chief Executive Officer of Bunzl, said: “The Group continued to deliver underlying revenue growth in the first quarter, supported by actions taken to improve performance and our strengthened focus on organic revenue opportunities. While mindful of the current economic and geopolitical backdrop, the Group reiterates its full year guidance and expects 2026 to be a foundation for future profit growth.”
“Furthermore, there continues to be a significant consolidation opportunity; our pipeline is active and we see an improved outlook for acquisitions in 2026 compared to the prior year. I remain fully confident in our ability to generate long-term compounding growth and value creation for all of our stakeholders.”