Bunzl reported a 6.7% decline in full-year adjusted operating profit to £910.3 million, with execution problems at its North American business weighing on margins for a second consecutive year. Revenue edged up 0.6% to £11.85 billion, or 3.0% at constant exchange rates, driven by acquisitions. The London-listed distribution group completed a £200 million share buyback in October but announced no successor programme.

North America, accounting for 53% of revenue, remained the central drag. Adjusted operating profit in the segment fell 11.5% to £440.5 million, with margin declining to 7.0% from 7.9%. The division was hit by execution problems following a reorganisation of its largest business serving foodservice and grocery customers, compounded by weaker demand in food processing, convenience stores and Mexico. The pace of margin decline in North America moderated in the second half, though weakness spread to other businesses in the region.

UK and Ireland was the standout performer, with adjusted operating profit rising 13.3% to £153.1 million, driven by the full-year contribution of catering equipment group Nisbets, acquired in May 2024. For 2026, Bunzl guided for moderate revenue growth at constant exchange rates and operating margin slightly below the underlying 7.6% recorded in 2025. Basic earnings per share fell to 141.5 pence from 149.6 pence, while the board proposed a final dividend of 53.9 pence.