Resourceful and resilient consistent compounding growth
We have delivered long term consistent total growth through our disciplined compounding strategy, driven by acquisitions, organic growth and operational efficiency, supported by the resilience of our business model. By maintaining our discipline, leveraging our scale, and continually enhancing our customer offering, we continue to build a resilient and adaptable business that is well-positioned for sustained long term value creation.
The efforts of Bunzl colleagues around the world have resulted in a strong profit performance for the Group.
2024 has been a year of significant strategic progress for Bunzl in which our dedicated and entrepreneurial teams delivered strong adjusted operating profit growth, supported by further expansion in our operating margin. 2024 was a record year for acquisitions with committed spend of £883 million, in addition to the completion of an initial £250 million share buyback which reflects the strength of Bunzl’s financial position. Furthermore, we extended our track record of annual dividend growth to 32 consecutive years, reflecting our resilient business model
Financial performance highlights
Revenue
£11,776m
(2023: £11,797m)
Adjusted operating profit*
£976.1m
(2023: £944.2m)
Adjusted earnings per share*
194.3p
(2023: 191.1p)
Dividend per share
73.9p
(2023: 68.3p)
+3.1%
Growth at constant exchange rates (Actual exchange rates (0.2)%)
+7.2%
Growth at constant exchange rates (Actual exchange rates +3.4%)
+5.5%
Growth at constant exchange rates (Actual exchange rates +1.7%)
+8.2%
Total dividend per share growth (32nd year of consecutive annual growth)
Cash conversion*
93%
(2023: 96%)
Committed acquisition spend
£883m
Net debt: EBITDA* †
1.8x
(2023: 1.2x)
Operating profit
£799.3m
(2023: £789.1m)
Basic earnings per share
149.6p
(2023: 157.1p)
Return on invested capital*
14.8%
Revenue from own brands
28%
(2023: 25%)
Operating margin
8.3%
(2023: 8.0%)
* Alternative performance measure (see Note 3 to the consolidated financial statements in the 2024 Annual Report)
† At average exchange rates and based on historical accounting standards, in accordance with the Group’s external debt covenants.
Sustainability performance highlights
18%
SBTi approval of our Scope 1, 2 and 3 emissions reduction targets
26%
more carbon efficient since 2019 with a 18% reduction in absolute emissions
86%
of Group revenue is attributable to non-packaging products or packaging products made from alternative materials that are well suited to a circular economy
25%
women in senior leadership roles, a 3% increase compared to the same population in 2023
1,175
suppliers assessed
1%
Only 1% of Group revenue generated from consumables that are facing regulation
Record year for acquisition spend
Our acquisition strategy supports the Group's strategic development
Acquisition Case Study
01.
Pamark Group
Entering a new country: The right first business with a strong management that can build a pipeline
Further information
Annual Report 2024
Read our full report, as we set out our achievements from 2024 and most importantly why we are well set for the years ahead.
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