Shares in non-food consumables distributor Bunzl are trading their best in 14 months after management published a positive set of H1 results and expressed confidence in the rest of the year. Income seekers have welcomed profits growth of 10% allowing for a similarly generous 9% hike in the interim dividend while the company continued to expand, with its first acquisition (albeit very small) in Norway building on its Scandinavian presence and extending its reach to 31 countries worldwide.

Even without a trio host of acquisitions, strong H1 revenue growth of 12% was, in fact, 5.2% organic. A similar story for profits kept group margins firm at 6.6%, with particular strength in Continental Europe (revenues +15%, adj. operating profits +22%) and ROW (+14% and +23%, respectively) making up for weakness in largest market North America (56% of revenues, 49% of adj. op profits) and the home UK & Ireland geography where, in both cases, margins declined.

The shares may be off their best of the day but they are holding this morning’s break above 2yr falling highs resistance at 2350p. Bulls will be looking for the shares to extend their 23% rally from March lows, eyeing a re-test of last May 2017’s highs of 2470p, if not the briefly-held record peak of 2536p hit this time two years ago. Hope is high that the defensive business is protected from economic uncertainty.

Mike van Dulken, Head of Research, 28 Aug 2018