In the three months to 30 September, group revenue was up 4% while underlying revenue dipped 1%, in line with half-year figures.
The FTSE 100 group, which supplies businesses with a vast range of products ranging from coffee cups, rubber gloves and hard hats to cleaning products, packaging and labels, previously warned sales to a “large grocery customer” in North America were decreasing “due to account-specific product specification changes and price deflation”.
Liberum said like-for-like sales are expected to pick up from January 2020, especially in North America which accounts for half of the group's results.
"A ‘dull’ performance perhaps, but demonstrating the Group’s famed resilience to tougher economic conditions when GDP is under pressure," the broker said, reiterating the 'buy' recommendation.
The group said it continues growing through acquisitions and there are “a number of ongoing discussions”, with £100mln invested so far this year.
Shares were down 4% to 1,921.5p on Tuesday morning.
--Adds broker's comment, shares--