Bunzl Shares Jump After Strong H1 Results, Upgraded Guidance and £500m Buyback

Shares in Bunzl (LON: BNZL), the international distribution and services group, rose over 2% on Tuesday to around 2,858p after the company published half-year results that beat expectations and prompted an upgrade to full-year guidance.

For the six months to 30 June 2026, Bunzl reported revenue of £5,933.1m, up 3.0% on a reported basis and 3.2% on an underlying basis, marking a fifth consecutive quarter of positive underlying growth. Adjusted operating profit rose 8.9% to £440.6m, while adjusted earnings per share climbed 12.7% to 87.7p. Statutory operating profit jumped 16.9% to £351.2m.

Growth was led by North America, Bunzl’s largest business area, where volume gains accelerated on the back of new customer wins and restored service levels within its Distribution unit. Operating margin across the group expanded from 7.0% to 7.3%, aided by inflation pass-through and the annualisation of synergies from the Nisbets acquisition.

The board raised its 2026 outlook, now expecting operating margin to be broadly flat year-on-year rather than declining, alongside modest adjusted operating profit growth at constant exchange rates.

Management also announced a new £500m share buyback programme to be completed over the next 12 months, alongside a 3.0% increase in the interim dividend to 20.8p per share.

Chief Executive Frank van Zanten pointed to “strong financial performance… with underlying growth in all regions and margin expansion,” while flagging continued macroeconomic uncertainty.

The group completed two bolt-on acquisitions so far in 2026 — Scientifix in Australia and Ghessu Bath in Spain — with net debt to EBITDA at 1.8 times, comfortably within its target range, leaving room for further deals.