Aug 27 Reuters British business supplies distributor Bunzl raised its annual adjusted operating profit forecast on Tuesday, as it benefits from acquisitions and demand for its own brand stays strong.

The supplier of everything from food packaging to stationery has profitted from higher prices for dailyuse items, increased penetration of its own brand and recently acquired businesses.

The company expects adjusted operating profit in 2024 to show a strong increase in comparison with 2023, versus prior forecast of slightly above the level reported for 2023.

Bunzl also announced a 250 million pound 329.98 million share buyback plan, with a further 200 million pound return expected by this yearend.

The company continues to expect robust annual revenue growth, with a small decline seen in underlying revenue, as its North American business continues to struggle with volume reductions and deflation.

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Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich

Source Reuters