Distribution and outsourcing group Bunzl said the third quarter saw a moderation in the underlying revenue growth rate, particularly in North America, where the company is going up against tough comparatives.

In the third quarter the underlying growth rate, which strips out the effects of acquisitions, eased to 2%, with exchange rate fluctuations not helping, shaving between two and three percentage points off the rate.

Otherwise, trading has been consistent with expectations at the time of the group's half year results announcement in August.

At constant exchange rates group revenue (including acquisitions and stripping out disposals) was up 5% in the third quarter and by 6% year to date.

"Although it is difficult to predict the future direction of economies globally, the board believes that the group's businesses, which have leading positions in relatively resilient sectors, should continue to develop due to underlying growth and the positive impact from acquisitions," the company's statement said.

JH

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