Bunzl PLC (LSE:BNZL) shares dropped slightly on Tuesday as the specialist distributor reported a decline in revenues in the past quarter, but kept its full-year outlook intact.
Group revenue in the quarter shrank 0.8%, but grew 0.6% at constant exchange rates as it said there continued to be tough conditions in its key end markets.
CEO Frank van Zanten said: "In what remains a challenging market, we remain strongly focused on improving performance across the business.
"As we enter the important final quarter, I am pleased to see the actions that we have taken driving operational improvements, as expected."
Underlying revenue, measuring organic revenue and adjusted for differences in trading days, increased by 0.4%, which was in line with directors' expectations.
The year-on-year decline in operating profit margins seen in the first half lessened in the quarter and is expected to be "moderately below 8.0%" for the full year, down from 8.3% last year.
Revenue growth for the full year is still expected to be "moderate" at constant exchange rates, driven by seven acquisitions completed this year and late last year, along with underlying revenue seen as "broadly flat".
There is £10 million remaining to be purchased of the current £200 million buyback.
Van Zanten said the board remain confident in the "significant opportunities" for continued acquisition growth.
The shares slipped 1.5% to 2,414p in early trading.