Oscar Val Mas's questions to BUNZL (BZLFY) leadership • FY 2021
Question
Oscar Val Mas from JPMorgan Securities Plc asked for clarification on the inflation outlook for 2022, visibility on operating expense increases for warehouse staff and drivers, and the rationale for expecting COVID-related product sales to remain elevated.
Answer
CEO Frank Andre van Zanten explained that COVID-product demand will remain high due to an increased focus on hygiene and cleaning. He also noted most staff cost increases for the year are largely set. CFO Richard Howes clarified that the two-thirds inflation figure was for H2 2021 and expects this to continue in Q1 2022 before annualizing. He added that the company is using temporary labor to manage OpEx volatility.