UK's Bunzl posts higher third-quarter revenue, maintains annual forecast

Oct 20 (Reuters) - British business supplies distributor Bunzl BNZL.L reported a 3.7% rise in third-quarter underlying revenue on Tuesday and maintained its annual forecast, supported by growth in its largest market, North America.

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• The company said operating margin for the three-month period ended September 30 was in line with management expectations

• Bunzl's North American distribution business has stabilised after last year's reorganisation, helped by restored local control over pricing and inventory, new leadership and cost cuts

• North America accounted for 53% of group revenue in 2025

• A source said in June that activist investor Elliott holds a roughly 5% stake and is pushing Bunzl to buy back up to 10% of its market value and review its North American business

• Bunzl said it remains focused on making further bolt-on acquisitions from its "active pipeline," while retaining balance sheet headroom to fund them

• The stock has gained nearly 37.4% this year but remains roughly 22.2% below its September 2024 record high