There was a time last autumn when Bunzl seemed to have lost its mojo. One of the more self-effacing constituents of the FTSE 100 index had gained a reputation for organic growth and expansion by small but frequent acquisitions.
The long-serving chief executive, Michael Roney, had retired. That organic growth appeared to be slowing, with a hit on the American business from cost deflation linked to the price of plastic. Worst of all, the pace of acquisitions seemed to be slackening.
Bunzl has always been a highly rated stock because of that steady record, but the shares plunged to below £20 at one stage. Several trading statements since, including yesterday’s at the end of the first half, have indicated that the concerns were overdone and