Bunzl Shares Hit Record High Following Positive Financial News

Key Highlights

Bunzl plc's shares reached a record high after the release of its financial results.
The company announced a share buyback plan and upgraded its profit and revenue forecasts.
Bunzl's stock price rose by 8.6% in post-holiday trading.

Bunzl reported a solid financial performance for the first half of 2023.

Revenue declined by 0.4% at constant exchange rates, totaling £6.6 billion.
Underlying operating profit increased by 12.3% to £439.7 million.
The company maintained a strong financial position with net debt of £756.9 million.

Bunzl announced a share buyback program of up to £250 million, demonstrating confidence in its future prospects.

The company also upgraded its profit and revenue forecasts for the full year 2023.

Underlying operating profit is now expected to grow by 10-12%, up from the previous guidance of 7-9%.
Revenue growth is projected to be in the range of 3-5%, revised upwards from the previous estimate of 1-3%.

Investors responded positively to the news, sending Bunzl's shares to a record high of 3,490 pence.

Analysts attributed the share price increase to the strong financial results, share buyback program, and upgraded forecasts.

Bunzl's strong financial performance and positive outlook have boosted investor confidence in the company.

The share buyback program and upgraded forecasts signal management's optimism about Bunzl's future growth potential.