Bunzl has guided for lower revenue in the current year due to a slow start in North America.
Profit guidance for 2024 was maintained even though the FTSE 100 group said it expects this year's revenue increase to be ‘slight’ and boosted by acquisitions.
For the year, the disposables specialist said it sees: “Underlying revenue, which is organic revenue adjusted for trading days, declining slightly.
"Group operating margin is now expected to be slightly below 2023,” said the statement.
Revenues in 2023 fell by 2% to £11.9 billion though higher margins meant pre-tax profits rising by 10% to £699 million.
Bunzl, a global distributor which specialises in catering disposables such as knives, forks and cups, raised the dividend by 8.9% to 68.3p, its 31st annual rise in a row.
The group also continued its acquisition-led growth strategy with two more purchases announced today to add to the nineteen, costing £1.7 billion, completed during 2023.
Today’s deals were for Nisbets, a catering equipment supplier and Pamark, which the FTSE100 group said would be an anchor investment for it in Finland.
Shares were down 5% at 3,150p in early trading.