Final Results - Year Ended 31 December 1999

Bunzl PLC
28 February 2000


                                       
                  PRELIMINARY ANNOUNCEMENT FOR THE YEAR ENDED
                               31 DECEMBER 1999
                                       
                                       
Bunzl plc, the international services Group, today announces its preliminary
results for the year ended 31 December 1999.

Highlights
-   sales on continuing operations up 13% to £2,066.5 million 
    (1998: £1,834.8 million)
-   profit before tax, goodwill amortisation and exceptional items up 16% to
    £153.5 million (1998: £132.3 million)
-   earnings per share up 30% to 20.7p (1998: 15.9p)
-   adjusted earnings per share increased 14% to 21.6p (1998: 19.0p)
-   dividend for the year increased 13% to 8.3p (1998: 7.35p)
-   Group margin rose from 7.2% to 7.6%
-   Group return on capital up from 32.6% to 36.7%


Commenting on the results, Anthony Habgood, Chairman, said:

'I am extremely pleased again to report strong figures for the Group which
reflect the positioning and quality of our businesses.  Trends towards
outsourcing, our ability to meet customers' demands for increased service
levels and our success in winning new customers are enabling us to expand.
This organic growth supplemented by opportunities for expansion through
acquisitions enables us to look to the future with confidence.'


Enquiries:

Bunzl plc                                    Finsbury
Anthony Habgood, Chairman                    Roland Rudd
David Williams, Finance Director             Rupert Younger
Tel:  [phone]                          Tel:  [phone]



RESULTS

Our businesses around the world performed strongly during the year to produce
substantial increases in both sales and operating profit.  The successful
integration of acquisitions and the positive impact of continuing to reshape
the Group as a service oriented company, concentrating on outsourcing,
distribution and light manufacture, enhanced a good ongoing operating
performance to produce an excellent overall set of results.  Sales of
continuing operations rose 13% to £2,066.5 million (1998: £1,834.8 million)
with total sales up 10% to £2,128.6 million (1998: £1,939.3 million).
Operating profit before goodwill amortisation increased 15% to £161.2 million
(1998: £140.5 million) while that on continuing operations rose 14% to 
£158.0 million (1998: £139.1 million).  Profit before tax, goodwill
amortisation and exceptional items rose 16% to £153.5 million 
(1998: £132.3 million) and profit before tax 32% to £150.5 million 
(1998: £113.8 million).  Adjusted earnings per share, after eliminating the
effect of the profit on the sale of discontinued operations and goodwill
amortisation, increased 14% to 21.6p (1998: 19.0p) and overall earnings per
share rose 30% to 20.7p (1998: 15.9p).

Despite spending £60 million on acquisitions and raising £23 million from
disposals, net debt remained approximately constant at £100.0 million 
(1998: £100.6 million) as the underlying businesses continued to generate
cash.  As shareholders' funds rose to £325.6 million (1998: £266.9 million)
gearing fell to 30.7% (1998: 37.7%).


DIVIDEND

The Board has decided to raise the final dividend to 5.55p (1998: 4.85p).
This brings the total dividend for the year to 8.3p (1998: 7.35p), an increase
of 13%.  Shareholders will again have the opportunity to participate in our
dividend reinvestment plan introduced last year.


STRATEGY

The Group has followed a consistent strategy of focusing its resources on
areas where it has, or can develop, real competitive advantage and which have
sound organic growth potential.  This has resulted in a major change in the
Group's structure over the last eight years.  Having disposed of businesses
accounting for half of the sales at the beginning of that period, we now have
a smaller number of much larger growing business areas most of which are
international and continuing to develop through a combination of good organic
growth and acquisition.  The final link to Bunzl's paper making and converting
past was broken with the disposal in August of the last of the job-lot
converting businesses in the US and our only consumer plastics business was
sold in December.  The businesses that now constitute the Group have become
ever increasingly service oriented making our move into the Support Services
Sector at the end of 1998 a timely reflection of the Group's evolution.


ACQUISITIONS

During the year £60 million was spent on acquisitions.  In March we acquired
Provend Group, a distributor of disposables and vending ingredients and a
leading operator of vending machines in the UK.  This acquisition further
strengthened our position in our Outsourcing Services business and gave us a
first entry into the vending sector.  In September we acquired Brierley Almond
which specialises in the supply of 'goods not for resale' to supermarkets
throughout the UK.  By complementing our growing business with retailers, the
acquisition of Brierley Almond is a further step towards replicating in Europe
our highly successful outsourcing programme with the North American grocery
sector.  In January 2000 we acquired Davidson Plastics, a profile extrusion
operation based in the US Pacific North West which will enhance our overall
position in that business.


DISPOSALS

Following the announcement in March 1999 of our decision to exit the job-lot
business, the Chicago operation was closed and, in August, the ongoing
business in Philadelphia was sold.  This disposal was Bunzl's final break with
paper converting.  Following our disposal of some small plastics businesses in
1998 we sold our UK plastic strapping business in May and the Stewart Group,
our only consumer plastics business, in December.  With the backward
integration of our major filter customer in Pakistan we disposed of our
holding in our small monoacetate filter joint venture in that country also in
December.  The total proceeds from disposals was £23 million.  The continuing
objective of both the acquisition and disposal activity has been to
concentrate our resources on a manageable group of successful businesses where
we can continue to demonstrate competitive advantage.


OPERATING PERFORMANCE

Group margin rose from 7.2% to 7.6% as a result of the positive impact of
disposing of lower margin businesses and the strong performance of our
operating companies.  This performance was demonstrated by existing
businesses, that is before the impact of acquisitions and disposals,
increasing profits by 11% on sales up 9%.  The return on capital employed
without goodwill for the Group as a whole rose from 32.6% to 36.7%.

Outsourcing Services achieved an outstanding result as strong organic growth
from both existing and new customers combined with successful acquisition
growth to see profits rise 19% on sales up 17%.  With the US moving from a
deflationary environment to inflation and prices no longer falling in Europe,
underlying volume growth came through into sales in local currency and the
slightly stronger US dollar aided the translation of North American sales and
profits into sterling though the weakening euro somewhat lowered the high rate
of growth in Europe.  The period was characterised by the continuing increased
use of Bunzl as the natural partner of our customers often on a total
outsourcing basis.  Filtrona also performed well with profits up 7% on sales
up 4% reflecting strong growth of volumes both of multiple filters and tear
tape, particularly in the second half.  With the opening in Venezuela of a
dedicated outsourcing operation providing the local customer with all their
multiple filters needs and the sale of a small facility in Pakistan supplying
monoacetates, the year marked a further move for Filtrona towards a service
and outsourcing orientation.  Paper Distribution's sales grew 6% reflecting
another year of double digit volume growth reduced by severe price deflation.
Service orientation from local stock holdings caused volumes to continue to
grow and prices started to rise in the autumn.  However, profits were flat as
deflation squeezed margins.  In Plastics profits rose 7% on sales down 2%.
The severe devaluation of the Real (36%) reduced the otherwise excellent
result in Brazil to cause sales in the business area as a whole measured in
sterling to reduce.  Nevertheless, strong results in the second half brought
about good profit growth for the year.

The sales and operating results of job-lot, the Stewart Group and the
strapping business are included as discontinued operations.


INVESTMENT

We have continued to invest in excess of depreciation in order to strengthen
our businesses and to update and extend certain facilities bought with AFC in
late 1997.  Substantial investment has also been made in computer systems to
improve our ability to service our customers, enhance our market position,
enable us to trade on the internet and contribute to productivity gains.
Investment in systems, as well as maintaining an up-to-date asset base, is
seen as an important source of competitive advantage.


BOARD CHANGES

In May David Williams was appointed Finance Director in succession to John
Bason who left to take up a position outside the Group.  In June Paul
Lorenzini was appointed to the Board.  As Managing Director, Outsourcing
Services, he has continuing responsibility for our largest and most successful
business.


PROSPECTS

We enjoyed continuing strong demand for our products and services through the
end of 1999 and into 2000.  Good organic growth has been a consistent factor
in the successful development of our main businesses and there seems to be no
reason why this should not continue given the trends towards outsourcing, our
positioning to satisfy customers' requirements for ever increasing service
levels and our ability to win new customers.

Prices of many of our products have been rising in the US since the spring of
1999 and entered 2000 above the levels of last year.  In Europe, especially in
the UK, rises generally have been much more recent and, at the end of 1999,
many price levels were still below those of a year earlier.  Prices generally
have continued to rise this year though the high level of the pound relative
to the euro is continuing to dilute the upward pressures in the UK.

The Group's strong performance reflects the positioning and quality of our
businesses.  Our recognised and developing expertise in providing outsourcing
solutions and enhanced customer service enables us to expand with both
existing and new customers.  This expertise combined with our continuing
ability to capitalise on opportunities for expansion through acquisitions
enables us to face the future with confidence.


OPERATIONAL REVIEW

Outsourcing Services

Operating across North America, Europe and Australia, Bunzl is a leading
supplier of outsourced food packaging, disposable supplies and cleaning and
hygiene products for supermarkets, caterers, hotels and contract cleaners.

Good volume growth in our largest and most successful business area
supplemented by acquisitions and price inflation, particularly in the US, led
to sales growth of 17%.  This growth of sales combined with successful
integration of acquisitions and tight cost control produced an excellent
growth of 19% in operating profits.

Sales volumes in North America have continued to grow significantly, primarily
as a result of many US companies outsourcing more of their supply and
disposable needs.  Because of the growing awareness of the inherent costs in
handling these products themselves, many businesses have looked at us as an
answer to their problems.  We have been able to expand our services not only
to existing accounts but have also gained several large customers during the
past year.

Bunzl is the largest distributor in North America of supermarket supplies.  We
distribute almost all the supplies a supermarket needs to operate, but does
not actually sell.  These are often supplied on a totally outsourced basis.
They include plastic and paper packaging and bags, labels, accessories and
cleaning materials used throughout the store, but especially the fresh fruit,
meat, bakery and delicatessen sections.  Supermarket customers rarely want to
keep bulky stocks of these items in their own stores where they take up
valuable selling space.  Likewise, they prefer to use their own warehouse
space for sellable products such as groceries.

Our fully computerised warehousing and distribution systems enable us to
monitor customers' requirements and deliver the products they need when they
need them, thus eliminating the need for storage in their warehouses and in
their stores.  We distribute to customers in three ways - directly to
individual customer locations, to their central or regional warehouses and
cross-docking.  Cross-docking is where orders for individual stores are
picked, palleted, labelled and delivered to the customer's warehouse.  Orders
are then transferred directly across the dock for immediate loading onto the
customer's grocery truck for onward transfer to the store.

The healthy organic growth of the business with supermarkets can be attributed
to the growth of supermarkets themselves, the increase in fresh and freshly
prepared foods, the growing number of supermarket chains outsourcing these
products and services and the fact that we are highly competitive.  We
continue to flourish through being the preferred supplier of outsourced
disposable packaging for customers who are attracted by our specialist
knowledge, efficient service and competitive pricing.

Sales volumes in the US have been helped by the rapid growth of Takeout Foods.
The last five years have seen a massive change in lifestyle and food retail
trends.  In American supermarkets the growth of 'ready to eat' and 'ready to
heat' meals has meant these are now established and popular alternatives to
preparing and cooking food at home.  Customers can select from a range of
dishes prepared in store, both sweet and savoury, to create their own hot or
cold meal.  It can then either be consumed immediately or taken home for
reheating.  Bunzl is the largest supplier to supermarkets in North America of
specialist packaging for these products.  It needs to be attractively designed
so that the customer finds it appealing both in the store and on the dining
table.  The packaging may also need to be microwave, freezer and/or ovenproof.

We have built excellent working relationships with our suppliers, customers
and food manufacturers which allow us to design and develop tailor-made
packaging solutions.  There has also been substantial growth in new business
with food processors, both store-related kitchens and independent operators,
and we have gained a number of new customers this year.

Supermarkets and grocery outlets represent approximately half our North
America sales of disposables.  In addition we supply similar products to other
outlets such as hotels, restaurants, contract caterers and coffee shops.
Supply to these outlets is most often achieved by acting as a re-distributor
selling to distributors who sell on to the individual outlets.

We continue to make customer service the focus of our business.  By giving
customers what they want, when they want it, we are taking full advantage of
the increasing trends toward outsourcing.  E-commerce is becoming increasingly
important to us with about 90 per cent of our supermarket chain customers
being linked through EDI to our computerised ordering system which is internet
enabled.  Internet ordering is also being trialled in the re-distribution
business.

The loss making grocery distribution business of the xpedx division of
International Paper was acquired in November 1998.  During the year, it was
successfully integrated into our US operation and was generating profits
within six months, a notable achievement by the management team.

By concentrating our efforts into what we do well, we continue to reduce
operating costs and we are the lowest cost supplier for many of our customers.
During the year we consolidated the New York and Long Island warehouses into
one at Hicksville, NY and the ever increasing efficiency of our computer
systems, coupled with increased centralisation, also contributed to cost
reductions during the year.

After three years of deflation, prices have been rising since March for many
plastic and paper products as a result of higher oil and pulp prices and
supplier consolidation.

Another year of outstanding development and expansion in Europe was
characterised by continued organic growth combined with focused acquisition
activity.  Organic growth was achieved particularly through winning business
with contract caterers, hotel groups and new supermarket customers.  Pilot
projects for internet trading are underway in selected areas.

Major contracts won at the beginning of the year contributed to healthy growth
in the UK where all parts of the business, catering supplies, cleaning
supplies and retail supplies, were ahead of last year.  There has also been
excellent growth in Benelux, where our business is focused on the supply of
catering supplies and guest amenities to hotels, contract caterers and other
food service outlets.  The German business, which is also focused on catering
and packaging supplies, expanded on the domestic front, although exports to
the east were adversely affected by weak demand from Russia.  This strong
organic growth across Europe indicates the success of our partnership approach
with both customers and suppliers.

During the year we acquired Brierley Almond, a major supplier of carrier bags
and other packaging products to supermarkets.  Now integrated with our
existing Bunzl retail business, this gives us a leading position in the UK and
provides us with a solid basis to leverage further off our US expertise and to
expand both in the UK and in the rest of Europe.  We also acquired Provend
Group in March.  This has given us a substantial additional catering supplies
business in the UK and a major player in the vending sector.  The distribution
of catering and vending supplies has been integrated into our existing
business.  The vending business, Provend Services, supplies, operates and
services vending machines, with particular strengths with the major retailers.
It functions largely as a stand alone operation while benefiting from
synergies in purchasing and key account management.  We are currently in the
process of installing a new information system for this business.  Both
Brierley Almond and Provend are performing up to our expectations and we see
considerable expansion potential in these markets.


Filtrona

Filtrona is the world's leading supplier of outsourced cigarette filters
especially for the growing low tar market, while Supastrip is the leading
brand of self adhesive tear tape.  We are also the world's leading supplier of
ink reservoirs and certain other bonded fibre products.

With sales up 4% and profits up 7% in the year, Filtrona had an excellent
second half following a first half that had been influenced by a number of
one-off items.  We experienced strong organic growth of multiple filters,
attributable to the growth in low tar smoking supplemented by the output of
the new Venezuelan facility.  In general the larger cigarette companies
produce basic monoacetate filters themselves but prefer to outsource the
supply of special, or multiple, filters.  These are more complex in their
design and manufacture, incorporate other filter media such as carbon and
paper and are produced at slower speeds.

Despite volume reductions in the US domestic market following the legal
settlement between more than 40 states and the larger US tobacco
manufacturers, we have had a successful year in North America.  Growth has
come from smaller domestic cigarette manufacturers who have gained market
share, as well as continued increases in cigarette exports by our larger US
customers.  We are building a new plant in Richmond, Virginia for the
production of filters, newer technology fibre products, tear tape finishing
and the sales and service operation of the instruments business.

We experienced significant growth in South America, although the strength in
the Brazilian market was offset by the 36% reduction in the value of the
currency.  In June we successfully launched a substantial new outsourcing
operation for the B.A.T. subsidiary Bigott in Venezuela to supply all its
filters, which are carbon duals.  This has given us a significant base for the
production of multiple filters in this region.

There was also a strong performance in Asia.  Recovery continued in Thailand
and Indonesia and there was also growth in the Indian domestic market.  Our
major customer in Pakistan took the production of basic monoacetate filters
in-house and we therefore sold our share of our small Pakistani business in
December.

In Europe our business in Hamburg performed well, due to an increase in the
use of special filters, and the new product development process at the
Filtrona Technology Centre is beginning to benefit the Jarrow filter
operation.

We are the world's leading producer of self-adhesive tear tape which is used
to open film over-wrapped consumer products.  Despite a slow start to the
year, we experienced continued volume growth and expanded the business with a
new coater in Nottingham and a new finishing facility in Brazil to extend our
international network.  The growth of the brand security market is expected to
have considerable benefits for the business.  Our Impact tape can incorporate
multicoloured messages or images and this development in printing technology
also presents a number of potential marketing and brand promotion
opportunities for manufacturers, which should stimulate the market further.

Filtrona's instrument business makes the laboratory equipment used to measure
tar and nicotine levels in cigarettes as well as shop floor quality assurance
measurement equipment for cigarette manufacturers. 1999 was another good year
for this business with further increases in sales of our successful QTM range.
In addition the new tube packaging machine, introduced during 1998, achieved
excellent first full year sales.

We are in the process of rolling out a new computer system across Filtrona
worldwide.  With many of the sites already converted, this project is going to
plan.


Paper Distribution

Bunzl is one of the largest independent fine paper merchants in the UK and
Ireland, distributing a wide range of high quality printing, writing and
copier papers primarily to printers.

In spite of prices rising since October, the effect of year on year deflation
held double digit volume increases back to a sales growth of 6%.  Margins fell
as deflation also held back profits to last year's level.

Products include high quality papers supplied either in reel or sheet form for
a wide range of end uses: everything from annual reports and brochures to
restaurant menus and retail point-of-sale signage.  We stock a vast range of
papers and board in a variety of different sizes, colours, weights and
finishes.  Bunzl operates an extensive national network of over 30 branches,
which enable us to deliver most items requested by printers on a just-in-time
basis wherever they are in the country.

Volumes grew in double figures this year mainly as a result of our focus on
customer service and the launch of a variety of new products and services.
Price reductions ended in the second half of the year, following pulp price
rises, which resulted in paper prices going up in October.  Year-on-year
deflation, however, which has characterised the last four years persisted
throughout the period.  At about 6%, deflation for the year as a whole was
lower than in the first half.

As in our other markets, our philosophy in paper distribution is based on
providing exactly what the customer wants when they want it.  A new product
specification team was formed in London this year as part of this ongoing
commitment to customer care. Most of our big customers are printers who prefer
not to store paper on site.  With electronic typesetting and delivery methods
such as e-mail and ISDN, printers' lead times have been considerably reduced.
They therefore need a supplier who can deliver the quantity and quality of
paper they require, when they need it.

New products launched this year include Zanders Autocopy which boosted sales
in The Reel Paper Company.  New papers from Bunzl Digital Papers designed
specifically to meet the demands of the fast growing digital and ink jet
market also had a positive impact.  Digital printing is a relatively new
process - ideal for high quality, short print runs, or for printed documents
that need to be personalised.  The digital process also has fast turnaround
times and is becoming an increasingly popular method of printing, as customers
begin to understand and appreciate its potential.  We expect this market will
continue to grow.

The in-house print revolution in offices has led to an increase in desktop
publishing and the production of documents that were previously produced
externally.  In August Bunzl launched 21st Century Paper, a drop-off service
for high quality paper consumables, serving offices and other non-printing
businesses to meet the growing demand for paper from in-house printing
facilities.  This operation is initially being tested in Scotland.

In January we acquired the screen and display products distribution business
of Caxton.  This was integrated into our Europoint plastic and vinyl products
distribution operation, thus increasing our presence in this market.
Europoint's conversion facilities were consolidated into the refurbished
Manchester warehouse and we doubled the size of our Preston warehouse.


Plastics

Bunzl is a world leader in plastic caps and plugs for protecting engineered
products in manufacture or transit.  It is also a leading extruder of custom
plastic profiles for a range of uses including transport, lighting and retail.

Profits rose 7% reflecting strong growth in the second half.  Sales were down
2% as a result of the impact of the 36% devaluation of the Brazilian Real.

In 1999 we continued to focus our plastics business.  In May we sold our small
UK plastic strapping business and in December we sold the Stewart Group.
Stewart manufactures and sells decorative garden products, self-contained
water features and food storage products and was our only consumer plastics
business.  These disposals, following those in 1998, enable us to focus our
resources in plastics on the remaining smaller number of larger, more
successful businesses.  In January 2000 we bought Davidson Plastics, a profile
extrusion business located in Washington State.  Davidson enhances our overall
position in this business in the US and complements our existing operations in
the Pacific North West.

Extruded plastics are used in a wide range of applications, from aerospace and
lighting to refrigeration and signage. Bunzl has the capability and technology
to provide customers with extruded plastics customised and finished to their
exact specifications.  This capability has been enhanced by significant
investment in computerised die making equipment.  Our expansion in North
America continued with an extension to our factory in Columbia, South
Carolina, investment in a new facility in Philadelphia and substantial growth
of our plastic fence slat business in Washington State. Expansion in extruded
plastics in Europe also continued, with the extension of our facility in
Holland.  Our extrusion business at Banbury, where profits fell in 1998, made
a sound recovery and we are investing in new equipment for this facility.

Our Brazilian business performed well this year posting a substantial increase
in both sales and profits in local currency.  The weakness of the Real
however, held back these results when translated into sterling.

The caps and plugs business was hit by the persistent strength of sterling
during the year, and is recovering from the impact of the slump in the oil
industry where the reduced number of oil exploration projects, especially
during the first half of the year, had adversely affected sales.  Overall
however, our injection and dip moulding operations in the UK and US continued
to perform well.  In November we opened a new Moss warehouse at Kidlington,
which allowed us to close the Banbury distribution facility.  Plans to
consolidate the manufacturing as well as distribution, which will increase
efficiency and customer responsiveness, are already well advanced.  Moss is
also benefiting from a new computer system and internet ordering is being
trialled in Europe and the US.  Recent product innovations such as a new beer
barrel cap are resulting in increased business.


                     CONSOLIDATED PROFIT AND LOSS ACCOUNT
                      FOR THE YEAR ENDED 31 DECEMBER 1999

                                                  1999         1998
                                                    £m           £m
------------------------------------------------------------------------------
Sales
Existing businesses                            2,007.3      1,834.8
Acquisitions                                      59.2
                                              ----------------------
Continuing operations                          2,066.5      1,834.8      +13%

Discontinued operations                           62.1        104.5
                                              ----------------------

Total sales                                    2,128.6      1,939.3      +10%
                                              ----------------------

Operating profit
Existing businesses                              152.7        138.0
Acquisitions                                       2.1
                                              ----------------------
Continuing operations                            154.8        138.0      +12%

Discontinued operations                            3.2          1.4
                                              ----------------------
Total operating profit                           158.0        139.4      +13%
Profit on sale of discontinued operations          0.2          0.5
Provision for loss on discontinued business          -        (17.9)
                                              ----------------------
Profit on ordinary activities before interest    158.2        122.0
Net interest payable                              (7.7)        (8.2)
                                              ----------------------
Profit on ordinary activities before taxation    150.5        113.8      +32%
------------------------------------------------------------------------------
Profit before taxation, goodwill amortisation
  and exceptional items                          153.5        132.3      +16%
------------------------------------------------------------------------------
Taxation on profit on ordinary activities        (56.2)       (41.6)
                                              ----------------------
Profit on ordinary activities after taxation      94.3         72.2
Profit attributable to minorities                 (0.6)        (0.3)
                                              ----------------------
Profit for the financial year                     93.7         71.9
Dividends paid and proposed                      (38.0)       (33.3)
                                              ----------------------
Retained profit for the financial year            55.7         38.6
                                              ----------------------

Earnings per share                                20.7p        15.9p     +30%

Adjusted earnings per share                       21.6p        19.0p     +14%
                                              ----------------------
Dividends per share                                8.3p         7.35p    +13%
                                              ----------------------

                                       
                                       
                          CONSOLIDATED BALANCE SHEET
                              AT 31 DECEMBER 1999
                                       
                                                  1999         1998
                                                    £m           £m
------------------------------------------------------------------------------
Fixed assets
Intangible assets - goodwill                      82.9         28.5
Tangible assets                                  176.5        169.3
Associated undertakings                           13.7         13.4
Investments                                        9.6          6.5
                                              ----------------------
                                                 282.7        217.7
                                              ----------------------
Current assets
Stocks                                           181.3        165.9
Debtors: amounts receivable within one year      344.1        303.5
Debtors: amounts receivable after
 more than one year                               15.5         15.7
Investments                                       11.7          8.7
Cash at bank and in hand                          24.5         27.2
                                              ----------------------
                                                 577.1        521.0

Current liabilities
Creditors: amounts falling due
 within one year                                (362.4)      (306.9)
                                              ----------------------
Net current assets                               214.7        214.1
                                              ----------------------
Total assets less current liabilities            497.4        431.8
                                              ----------------------

Creditors:  amounts falling due after
 more than one year                             (120.9)      (119.9)

Provisions for liabilities and charges           (49.0)       (43.2)
                                              ----------------------
Net assets                                       327.5        268.7
                                              ----------------------

Capital and reserves
Called up share capital                          114.3        113.4
Share premium and reserves                       211.3        153.5
                                              ----------------------
Shareholders' funds: equity interests            325.6        266.9
Minority equity interests                          1.9          1.8
                                              ----------------------
                                                 327.5        268.7
                                              ----------------------

Net debt                                         100.0        100.6
Gearing                                           30.7%        37.7%

                                       
                                       
                       CONSOLIDATED CASH FLOW STATEMENT
                      FOR THE YEAR ENDED 31 DECEMBER 1999
                                       
                                                  1999         1998
                                                    £m           £m
------------------------------------------------------------------------------
Operating profit                                 158.0        139.4
Adjustment for non-cash items                     27.2         20.4
Working capital movement                         (11.2)        (0.9)
Other cash movements                              (5.9)        (5.2)
                                              ----------------------
Net cash inflow from operating activities        168.1        153.7
Net cash outflow for returns on investments
 and servicing of finance                        (9.7)       (11.6)
Tax paid                                         (45.1)       (40.9)
Net cash outflow for capital expenditure         (44.7)       (32.2)
Purchase of businesses                           (60.1)       (42.6)
Sale of businesses                                23.3         17.1
Other acquisition and disposal cash flows         (1.7)         0.3
Equity dividends paid                            (33.3)       (30.7)
                                              ----------------------
Net cash (outflow)/inflow before use of
 liquid resources and financing                   (3.2)        13.1
Management of liquid resources                     5.7         (5.0)
Net cash inflow/(outflow) from financing           4.9         (5.9)
                                              ----------------------
Increase in cash                                   7.4          2.2
                                              ----------------------
Reconciliation of net cash flow to
 movement in net debt
Increase in cash                                   7.4          2.2
Decrease in debt due within one year               1.3         10.9
Decrease/(increase) in debt due after one year     2.6         (1.5)
(Decrease)/increase in current asset investments  (5.7)         5.0
Exchange and other movements                      (5.0)         1.3
                                              ----------------------
Movement in net debt in the year                   0.6         17.9
Opening net debt                                (100.6)      (118.5)
                                              ----------------------
Closing net debt                                (100.0)      (100.6)
                                              ----------------------
                                       
                                       
                STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                      FOR THE YEAR ENDED 31 DECEMBER 1999
                                       
                                                  1999         1998
                                                    £m           £m
------------------------------------------------------------------------------
Profit for the financial year                     93.7         71.9
Revaluation of properties                            -         (3.8)
Currency translation differences on foreign
 currency net investments                         (6.7)        (4.7)
                                              ----------------------
Total recognised gains and losses for the year    87.0         63.4
                                              ----------------------
                                       
                                       
                              SEGMENTAL ANALYSIS

                                          Sales            Operating Profit
------------------------------------------------------------------------------
                               1999         1998         1999          1998
                                 £m           £m           £m            £m
------------------------------------------------------------------------------
Continuing operations
  Outsourcing Services      1,422.7      1,211.3        103.3          86.7
  Filtrona                    203.7        195.4         28.8          27.0
  Paper Distribution          283.7        268.1         17.5          17.5
  Plastics                    156.4        160.0         21.4          20.0
  Goodwill                                               (3.2)         (1.1)
  Corporate activities                                  (13.0)        (12.1)
                        -----------------------------------------------------
                            2,066.5      1,834.8        154.8         138.0
Discontinued operations        62.1        104.5          3.2           1.4
                        -----------------------------------------------------
                            2,128.6      1,939.3        158.0         139.4
                        -----------------------------------------------------

                                       
                                     NOTES

1.   The profits for the business areas and their percentage change from 1998
     are stated before the effect of goodwill amortisation.

2.   Bunzl plc's 1999 Annual Report will be despatched to shareholders at the
     end of March 2000.  The Annual General Meeting will be held on 10 May    
     2000.  The financial information set out in this preliminary statement of
     results does not constitute the Company's statutory accounts for the     
     years ended 31 December 1999 or 1998.  The financial information for 1998
     is derived from the statutory accounts for 1998 which have been delivered
     to the registrar of companies.  The auditors have reported on the 1998   
     accounts; their report was unqualified and did not contain a statement   
     under section 237 (2) or (3) of the Companies Act 1985.  The financial   
     information for 1999 is unaudited but the statutory accounts for 1999    
     will be finalised on the basis of the financial information presented by 
     the directors in this preliminary announcement and will be delivered to  
     the registrar of companies following the Company's Annual General        
     Meeting.

3.   The final dividend will be paid on 3 July 2000 to shareholders on the
     register at 19 May 2000.  Shareholders will again have the opportunity to
     participate in the Company's dividend reinvestment plan which was        
     introduced last year.