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    Kate Somerville

    Research Analyst at UBS AG (London Branch)

    Kate Somerville is an Equity Research Analyst at UBS AG (London Branch), specializing in coverage of European industrials and manufacturing sectors. She has a track record of detailed financial analysis and routinely covers major listed companies affected by changes in end-market demand and sector performance. Somerville began her analyst career at RBC Europe Ltd and Joh. Berenberg, Gossler & Co. KG before joining UBS, building experience across leading global investment banks. Her professional background includes comprehensive financial modeling, company evaluation, and sector research expertise.

    Kate Somerville's questions to BUNZL (BZLFY) leadership

    Kate Somerville's questions to BUNZL (BZLFY) leadership • FY 2021

    Question

    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.

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