StockMarketWire.com - Bunzl said first-half revenue rose 11% on-year at constant exchange rates, and confirmed that its spend on acquisitions so far this year totaled £105m.

The distribution and outsourcing group attributed the revenue growth to underlying performance and the positive impact of acquisitions.

The underlying revenue growth had returned to more normal levels during the second quarter of 2018 as the additional grocery business won, albeit at lower margins, in North America towards the end of 2016 had now been fully absorbed, the company said.

Bunzl confirmed that it had recently sold its marketing services business in the UK - which generates annual revenue of £46m - as scope to expand the business overseas were limited.

Bunzl said it expected exchange rate movements to decrease constant exchange revenue growth for the first half by 6%.

Growth through acquisitions would continue to be an important part of the company's strategy, Bunzl said.

'The pipeline for acquisitions remains active and, with ongoing discussions taking place, the company expects to complete further transactions during the remainder of the year,' the company said. Story provided by StockMarketWire.com