International distribution and outsourcing group Bunzl (GB-London W1K 6NX; www.bunzl.com) recorded 2003 pretax profits of GBP 194.6m (around EUR 292.1m), up 5% on 2002 at constant exchange rates, after a 6% increase in sales to GBP 2.73 bn. Operating profit was 10% higher at GBP 214.1m. After a cash outflow for acquisitions in 2003 of GBP 36m, a cash inflow from disposals of GBP 10m and a spend of GBP 92m on buying back shares, net debt was cut to GBP 97m, from GBP 106m.

“These are good results against a backdrop of mixed economic conditions around the world,” said chairman Anthony Habgood. “They reflect strong operating performance, good organic growth and incremental acquisition activity.” For 2004, Habgood said: “Volume growth in our major markets, our strong positions in those markets and our opportunities to make acquisitions give us confidence that the underlying prospects of the group are good.”

Bunzl recently has made several acquisitions, including Danish hotel and catering trade supplier MultiLine, with in 2002 sales of DKK 386m (EUR 51.8m), Chicago-based Prolix Packaging, with sales of USD 11m and Irish supermarket supplier O´Mahony, Cork, with sales of EUR 11m. In February, Bunzl agreed to purchase Dutch-based Skiffy (www.skiffy.com), with sales of EUR 12m and particular expertise in the supply of small polyamide parts for protection and finishing applications. The group has refused to comment on speculation that it is poised to buy UK rival Autobar (www.autobar.com), which manufactures flexible and rigid packaging from three sites in the UK and a further 15 across continental Europe.