Full year numbers from value added distributor Bunzl were published this morning. The company is one of a rare breed who has managed to increase dividends consistently, with today’s news of an 8.9% uptick marking the 31st consecutive year of growth in investor distributions, but investors gave the news a lukewarm response. Profits were up, whilst revenues slipped although remained above pre-COVID levels. News of more acquisitions may however be raising some wariness. The stock was down almost 5% just over an hour into the day.


The supply chain partner’s board of directors recommended a private equity buy out last month but this morning the tabled offer was increased by more than 6% to 480p whilst news of a rival bid also emerged. Shares have jumped as a result and now sit at around the 500p mark, up more than 11% in early trade, suggesting that the competing offer could have legs.

Hydrogen Utopia International

The company may have only been listed for just over two years but shares in Hydrogen Utopia International jumped 34% by mid-morning after announcing that a heads of terms had been signed for a reverse takeover of the business. Shares are now heading back towards the market debut price which will arguably offer long term investors something to cheer.

Headlines we expect on Tuesday:

Unite Group full year results

This time last year Adjusted Earnings £163.4m, Dividend 32.7p, Portfolio valuation £5690m

Smith & Nephew full year results

This time last year Revenue £5215m, FY23 revenue growth forecast 5%-6% (upgraded to 6%-7% in Q3 results), FY23 trading profit margin forecast 17.5%