Bunzl plc (OTCPK:BZLFF) Q2 2025 Earnings Convention Name August 26, 2025 4:30 AM ET
Firm Members
Frank Andre Van Zanten – CEO & Govt Director
Richard David Howes – CFO & Govt Director
Convention Name Members
David Thomas Brockton – Deutsche Financial institution AG, Analysis Division
Dylan Jones – Kepler Cheuvreux, Analysis Division
Karl Inexperienced – RBC Capital Markets, Analysis Division
Rory Edward McKenzie – UBS Funding Financial institution, Analysis Division
Ryan Daren Flight – Jefferies LLC, Analysis Division
Suhasini Varanasi – Goldman Sachs Group, Inc., Analysis Division
William Kirkness – Sanford C. Bernstein & Co., LLC., Analysis Division
Frank Andre Van Zanten
Good morning and thanks for becoming a member of Bunzl’s 2025 Half 12 months Outcomes Presentation. After a brief introduction, I’ll give attention to updating you on our North America and Continental European companies. After this, Richard Howes, our CFO, will stroll by way of our monetary efficiency, leverage and outlook. We are going to then transfer to Q&A.
However first, I need to thank all of my Bunzl colleagues for his or her onerous work and dedication in what has been a difficult working atmosphere for a lot of. I do know lots of you might be working tirelessly to help prospects and to ship an improved efficiency within the second half of the 12 months.
I’ll begin by summarizing efficiency over the primary half. Bunzl delivered income development of 4.2% at fixed trade charges. Development was pushed by acquisitions with underlying income broadly steady. Nonetheless, group adjusted working revenue declined by 7.6% at fixed trade charges with our working margin lowering by round 100 foundation factors to 7%. This has been pushed by sure bigger companies inside North America and Continental Europe with each enterprise areas seeing an analogous stage of margin decline because the group general. I’ll spend rather more time discussing these shortly.
Our money conversion was
