Shares in Bunzl were up on the FTSE 250 in morning trading after the outsourcing group issued a positive statement for the period since 31 December 2010.

The group said that overall trading during the period had been "consistent with expectations", with group revenue in the first quarter rising 12 per cent from the same period the previous year.

The rise in revenue was attributed to acquisitions and additional trading days in the first quarter of this year.

On an underlying basis revenue growth was 2.5 per cent, thanks to good growth in North America, Europe and the Rest of the World, offsetting "persistent difficult economic conditions" in Great Britain and Ireland.

The company said its new acquisitions of Cannon Consumables in Britain and Omega in Australia are "integrating well".

In a statement the group said, "There has been no significant change in Bunzl's financial position during the period and the Group continues to have substantial funding headroom available. Bunzl's strong cash flow and balance sheet, together with a promising pipeline of potential acquisition targets, should continue to give the Group opportunities to consolidate the markets in which it operates.

"The Board is confident that Bunzl's market leading positions and the positive impact from acquisitions should allow the Group to grow further."

By 10:15 shares in Bunzl were up 2.38 per cent on the FTSE 250 to 731.50 pence per share.

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