Director dealings: Bunzl's North American chief executive lowers stake
Bunzl's North American president and chief executive Patrick Larmon disposed of 28,500 ordinary shares in the multinational distribution and outsourcing company.
Bunzl
2,994.00p
16:45 19/04/24
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Larmon, who joined the group back in 1990 when Packaging Products Corporation, of which he was an owner, was acquired, sold the shares at an average price of 2,404p each, for a total value of £685,140.03.
Bunzl announced its first acquisition in Norway back in August and reported a 4% increase in first-half profit growth in Europe more than made up for the negative effect of the strengthening pound on overseas profits.
Adjusted pre-tax profit for the six months to the end of June rose to £257.9m from £248.3m as revenue increased 5% to £4.3bn, driven by organic growth and acquisitions. At constant exchange rates profit increased 10%. The half-year dividend rose 9% to 15.2p.
Sterling's climb against the dollar caused adjusted operating profit to fall to £140.1m from £148m at Bunzl’s biggest business in North America. Excluding currency movements, profit in the region rose 3%.
In Continental Europe, in the UK and Ireland and in the rest of the world, profit rose.
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