Bunzl (LON:BNZL) shares gained 3% after the group raised its 2026 outlook, pointing to better trading in North America. London, June 23, 2026, 13:09 (BST)
Bunzl shares jumped 3.25% to 2,544 pence Tuesday. The business-supplies distributor lifted its 2026 revenue forecast. Bunzl outperformed the FTSE 100, which slipped around 0.5%.
Bunzl’s update is key since North America brings in over half its revenue and has caused most of the company’s margin questions. The news lands just a few days after activist Elliott Management disclosed a nearly 5% stake, calling for a review of the North American operation and share buybacks that could reach 10% of Bunzl’s market cap.
Bunzl said revenue for the first half ending June 30 should be up about 4% at constant exchange rates. The company is looking for underlying revenue, which leaves out currency and trading day effects, to climb around 3%. Acquisitions, after disposals, are set to add close to one point.
North American distribution drove the rise in volumes, buoyed by customer wins from late last year. Bunzl pushed through price hikes in some product lines in May after geopolitical events pushed up product costs.
Bunzl sees “good” adjusted operating profit growth in the first half on a constant currency basis. The company says the operating margin is set to tick up, with help from inflation gains and more synergies coming in from Nisbets for the entire period. Morningstar
Bunzl lifted its full-year outlook, but the upgrade wasn’t a new percentage target, just qualitative. The company sees modest underlying growth, some inflation, and a small bump from acquisitions. It kept its operating margin forecast a touch below last year’s level.
Peel Hunt’s Andrew Nussey noted management “nudged up its full-year guidance” and gave more reassurance about the outlook. He said that could mean a small bump for consensus revenue estimates. MarketWatch
Bunzl CEO Frank van Zanten said North American distribution made the “good operational progress we had expected,” with service levels mostly back. He kept his outlook for 2026, saying it should give “a foundation for future profit growth.” TradingView
Bunzl said it bought Australia’s Scientifix Group, which supplies life-science and biotech customers. Bunzl expects Scientifix to bring in around A$18 million, or £9 million, in revenue for the 12 months ending June 2026.
The first-half margin boost might not last. If commodity costs fall, prices may come down. Fuel and freight costs are still high. Weaker North American demand or slower execution would test the full-year margin guidance, which hasn’t changed.
Bunzl plans to release half-year results on September 1.
