Question · FY 2021
Kate Somerville of UBS AG (London Branch) questioned the volume performance relative to 2019 across different end-markets, the amount of PPE sales factored into 2022 guidance, and the potential risk of reversing inflation benefits if plastic prices decline.
Answer
CFO Richard Howes responded that base business volumes are still below 2019 levels, particularly in the cleaning, hygiene, and safety markets, which he views as a potential future tailwind. He guided that 2022 COVID-related sales would likely fall between the 2019 level of £800 million and the 2021 level of £1.6 billion. He also confirmed that the potential for moderating plastic prices is factored into the 2022 outlook.