Bunzl PLC (LSE:BNZL) expects underlying revenues this year to be 3% higher than a year ago, though added they will be flat or down slightly on an actual basis.
Acquisitions will be the driver, added the plastics distributables group, with organic volumes starting to pick up but prices are still being affected by deflation being stickier than expected.
“This is expected to have a slight impact on group adjusted operating profit in 2024, driven by Continental Europe,” said the statement.
Group adjusted operating profit in 2024 will rise strongly over 2023, said the statement with margins higher than the previous year.
In 2025, Bunzl said it expects "robust" revenue growth in 2025, helped by recent acquisitions.
Earlier in the year, Bunzl said it expects to spend £700 million over the next three years either on acquisitions or else to return the money through buybacks.
Having started a £250 million buyback in August, Bunzl confirmed it would buy-in another £200 million worth of shares in 2025.
Frank van Zanten, chief executive, said 2024 would be “another year of significant progress”.
“Overall, during 2024 the Group has committed a record spend of more than £850 million with 13 announced acquisitions year-to-date, and our pipeline remains active."