Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • H1 FY2025 revenue rose 0.8% to GBP 5,759.6 million; profit declined 11.2%.
  • Two acquisitions completed in Spain and Mexico, adding revenue and market expansion.
  • FY2025 outlook: margin just below 8.0% with net debt to EBITDA at 1.9x.

Bunzl PLC (LSE: BNZL) is an FTSE 100 international distribution and services group operating across four segments: North America, Continental Europe, UK & Ireland, and Rest of the World. The company delivers specialist one-stop-shop distribution services in 33 countries, supplying responsibly sourced non-food products to diverse market sectors, including grocery, cleaning and hygiene, foodservice, retail, safety, and healthcare.

For the first half of financial year 2025 (H1FY25), the company reported revenue of GBP 5,759.6 million, up 0.8% from GBP 5,711.5 million in H1 FY2024. The increase was supported by acquisitions and inflation in certain markets, offset by stable underlying volumes. Adjusted operating profit declined 11.2% year-on-year to GBP 404.5 million, reflecting execution challenges in North America Distribution and sustained cost pressures in Continental Europe. Adjusted EPS fell 14.3% to 77.8 pence per share, primarily due to lower profit, although  mitigated by share buybacks and ongoing efficiency measures.

Business Update

On 26 August 2025, Bunzl PLC announced two new acquisitions alongside the completion of two earlier transactions. In July 2025, the company acquired Quindesur in Spain, a foodservice and hygiene distributor that generated EUR 14 million (approximately GBP 12 million) in revenue in 2024. In August 2025, it acquired Gisa in Mexico, a personal protective equipment distributor focused on gloves, with 2024 revenue of MXN 399 million (approximately GBP 17 million).

Company Outlook

Management expects moderate, constant-currency growth in FY25, driven primarily by acquisitions, while underlying revenue is anticipated to remain broadly flat. The company has completed five deals year-to-date, representing approximately GBP 120 million of revenue, including its entry into the Chilean healthcare market. Acquisitions remain a central growth driver alongside organic initiatives.

The FY25 operating margin is projected to be just below 8.0%. A moderated decline is expected in the second half compared to the first half, supported by synergies, cost savings, and favourable comparatives. Net debt to EBITDA stood at 1.9x and is anticipated to remain toward the lower end of the 2.0–2.5x target range by year-end, even after acquisitions and share buybacks, maintaining balance sheet flexibility.

Top 10 Shareholders

The top ten shareholders of BNZL collectively account for around 34.78% of the company’s total shareholding. The largest stakes are held by Capital Research Global Investors at approximately 5.18% and Schroder Investment Management Ltd. (SIM) at about 5.10%.

Stock Information 
As of  1 September 2025, BNZL closed at GBX 2,514.Over the past three months, the stock has gained 7.16% approximately, while it has declined around 18.16% over the last six months. It is currently trading between the 52-week high of GBX 3732.00 (18 September 2024) and the 52-week low of GBX 2,210 (18 June,2025).

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 1 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.