Bunzl Raises 2024 Profit Forecast Amid Revenue Drop

British distribution and outsourcing company Bunzl has raised its annual adjusted operating profit forecast for 2024, expecting a significant increase compared to 2023, primarily driven by acquisitions and strong demand for its own-brand products. Despite a 3.3% decline in revenue to £5.71 billion and a 12% drop in pretax profit to £279.4 million in the first half of the year, Bunzl's adjusted operating profit rose 3.3% to £455.5 million. The company announced a £250 million share buyback plan, with an additional £200 million expected. Bunzl also raised its interim dividend by 10.4% to 20.1 pence per share. Management remains confident in the company's resilience and growth prospects, with plans to allocate significant funds towards acquisitions and returning excess cash to shareholders.