Bunzl (LSE:BNZL) reported first-half 2026 revenue of £5.93 billion, an increase of 2.9% at constant exchange rates, while adjusted operating profit rose 8.0%.

The international distribution and services group reported an operating margin of 7.3% for the period. Revenue growth was supported by volumes and inflation, particularly in North America, while all of the group’s regions recorded underlying revenue growth.

Bunzl said warehouse efficiencies and increased use of digital channels also contributed to profitability during the period.

Bunzl updates full-year guidance

Following its first-half performance, Bunzl raised its outlook for 2026. The company now expects modest underlying revenue growth for the full year, with margins anticipated to be broadly unchanged compared with the previous year.

The group also announced a £500 million share buyback, which it plans to fund from cash generation and its existing balance sheet capacity.

Bunzl reported that leverage remains at a level that allows it to pursue its capital allocation plans.

Acquisition activity expected to increase in second half

Bunzl completed two acquisitions during the period and said it expects acquisition activity to increase during the second half of 2026.

The group continues to prioritise bolt-on acquisitions as part of its capital allocation strategy, alongside dividends and share buybacks.

Bunzl plc is an international distribution and services group supplying non-food consumables including packaging, cleaning and hygiene products, safety equipment and healthcare supplies.

The company operates across North America, Europe, the UK and Ireland, and other international markets. Its activities include distribution, own-brand products and digital ordering services for business customers.