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BUNZL Financial results Revenue News Release HALF YEARLY FINANCIAL REPORT FOR SIX MONTHS ENDED 30 JUNE 2021 Bunzl plc , the specialist international distribution and services Group , today publishes its half yearly financial report for the six months ended 30 June 2021 . Adjusted operating profit * Adjusted profit before income tax * Adjusted earnings per share * Interim dividendª Statutory results Operating profit Profit before income tax Basic earnings per share H1 21 £ 4,866.6m £ 366.8m £ 338.4m 77.7p 16.2p £ 304.1m £ 275.7m 63.3p H1 20 £ 4,846.3m £ 340.8m £ 306.8m 70.1p 15.8p £ 279.4m £ 245.4m 55.6p Growth as reported 0.4 % 7.6 % 10.3 % 10.8 % 2.5 % 8.8 % 12.3 % 13.8 % 31 August 2021 Growth at constant exchange 6.3 % 14.7 % 17.5 % 18.1 % Highlights include : Good revenue growth of 6.3 % at constant exchange rates , supported by a strong recovery in the base business and acquisitions ; Resilience through the pandemic , with underlying revenue 5.7 % higher than in the first half of 2019 Adjusted operating profit * increase of 14.7 % at constant exchange rates and corresponding rise in adjusted earnings per share * of 18.1 % ; Reported operating profit up 8.8 % and reported basic earnings per share up 13.8 % Continued strong cash generation with cash conversion * of 100 % , and net debt to EBITDA * of 1.4 times with substantial headroom for acquisition growth Dividend per share growth of 2.5 % reflects the Group's commitment to ensuring sustainable dividend growth Two further acquisitions announced today , taking the total to eight acquisitions year to date ; pipeline remains active Commenting on today's results , Frank van Zanten , Chief Executive Officer of Bunzl , said : " As our first half results have demonstrated , our colleagues continue to navigate the challenges associated with the pandemic incredibly well . While some regions have seen a strong recovery , others have experienced greater pandemic - related restrictions at various points over the last six months . One of the key strengths of our decentralised business is the ability to respond to local situations , enabling a consistent focus on delivering the right solutions for our customers . Whilst we are now seeing a reversal in Covid - 19 related sales , this has been more than offset by the recovery experienced in our base business over the first half . The Group's performance over the first half and the excellent underlying revenue growth we have delivered over a two year period demonstrate the resilience of our diversified portfolio . Our outlook for 2021 is unchanged and we continue to expect , at constant exchange rates , underlying revenue to be moderately higher than the pre - pandemic period in 2019. Acquisitions will further contribute to growth , with £ 134m committed spend year to date , and an active pipeline supported by substantial financial headroom . Looking ahead , we expect future growth to be supported by a recovery in the base business and economic activity , enhanced hygiene trends and our differentiated offering of sustainable and responsible solutions . We look forward to our Capital Markets Day on 11 October 2021 , where we will give further insight on the strategic priorities for Bunzl . " * Alternative performance measure ( see Note 2 ) . > Growth at constant exchange rates is calculated by comparing the H1 21 results to the H1 20 results retranslated at the average exchange rates used for H1 21 . Bunzl plc , York House , 45 Seymour Street , London W1H 7JT . Telephone +44 ( 0 ) 20-7725 5000 A During 2020 , the Board reinstated the previously cancelled 2019 final dividend of 35.8p per share as an additional 2019 interim dividend which was paid in November 2020. This is not included as a component of the 2020 dividend in the table above for comparative purposes . t At average exchange rates and based on historical accounting standards , in accordance with Group's external debt covenants . Underlying revenue is a measure of revenue over comparative periods at constant exchange rates , excluding the incremental impact of acquisitions and disposals and adjusted for differences in trading days between periods . # Base business defined as underlying revenue excluding the top 8 Covid - 19 related products ( masks , sanitisers , gloves , disinfectants , coveralls , disposable wipes , face shields and eye protection ) .