That wasn’t supposed to happen. Not Bunzl. The blue-chip supplier of everyday essentials to businesses has for years been a shareholder favourite; they could rely on its ability to deliver strong organic growth, topped up with regular bids and deals.
Not any more. The group delivered its first shock in April, warning in a first-quarter trading statement of a slowdown in the growth of underlying revenues across its main markets, particularly North America. It followed up in June with a similarly downbeat assessment in advance of its first-half results.
Analysts are divided about whether last month’s figures were reassuring or suggested only further pressure to come. This column recommended buying Bunzl’s shares only a fortnight before the April bombshell on trading, when they