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    Dominic Convey

    Director and Senior Equity Analyst at Numis Securities

    Dominic Convey is a Director and Senior Equity Analyst at Numis Securities Ltd, specializing in industrials and engineering sector research with a focus on major UK-listed companies. He regularly covers firms such as Spirax-Sarco Engineering and Vesuvius plc, contributing expert insights on corporate earnings and industry trends, though published performance metrics and analyst rankings are not publicly available. Convey began his analyst career at KBC Peel Hunt in 2004, remaining through the transition to Peel Hunt LLP, before joining Numis Securities in September 2020, where he continues to provide in-depth equity research. His professional background includes two decades of experience in equity research, with a focus on institutional investors, though no verified securities licenses or additional credentials are published in major public registries.

    Dominic Convey's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership

    Dominic Convey's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Dominic Convey from Numis Securities asked for details on the hardware vs. consumables split in Watson-Marlow's Biopharm business and requested quantification of the financial benefits from recent rightsizing actions in Watson-Marlow and Durex.

    Answer

    Group Chief Executive Nicholas Anderson explained that consumables are roughly 40% of Watson-Marlow's Biopharm sales, but noted that even "hardware" like pumps are low-cost and often replaced, blurring the lines. CFO Nimesh Patel quantified the Watson-Marlow restructuring cost at GBP 5 million, suggesting a ~2x payback with half the benefit expected in H2 2023, driven by higher volumes and cost-action drop-through.

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    Dominic Convey's questions to Spirax-Sarco Engineering PLC/ADR (SPXSY) leadership • Q2 2023

    Question

    Dominic Convey of Numis Securities asked for clarification on the sales split between hardware and consumables in Watson-Marlow's Biopharm sector, the typical lifespan of a pump, and a quantification of the financial benefits from rightsizing actions in both Watson-Marlow and Durex.

    Answer

    Group Chief Executive Nicholas Anderson explained that consumables account for about 40% of Watson-Marlow's Biopharm sales, though the distinction can be blurry as low-value hardware is often replaced rather than repaired. CFO Nimesh Patel quantified the rightsizing benefit, suggesting a roughly 2x payback on the £5 million restructuring cost, with half of that benefit expected in H2 2023, and noted smaller actions were taken at Durex.

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