Half Year 2023 Bunzl plc Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst : I have 3 questions. The first one, could you give us a bit more detail on the level of product price inflation you're seeing in H1? And then the outlook for the second half, including if you're seeing any deflation in any product line? That's the first question. The second question is, I guess, thinking about the upgrade to 2023 margins and how sustainable that is to 2024 and going forward. I guess the question I have there is, could you give us a sense of if any of the OpEx benefits are one-off in nature? And then the final question on organic. Obviously, there's a bit of a slowdown versus what we thought a few months ago. Could you give us a sense of if that's driven by continued destocking in North America? Or are there any other areas where you've seen some weakness in the last few months?

Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst : That was all very clear. Maybe just I'll sneak in a quick follow-on, and it's on this, I guess, sustainability of the margins. Could you just give us a comment on growth margins and how they've developed in H1 because obviously, they're probably developing a bit different to top line when you're seeing top line organic revenue decline, so are we seeing growth profit decline as well in H1?

Question: Karl Green - RBC Capital Markets, Research Division - Analyst : Just 1 question for me. And just going back to your point before about -- it's a bit early, and you'll probably give more detail in December. But given what you can see across the world in terms of the disinflationary and deflationary PPI dynamics. Are you currently comfortable with the consensus organic revenue growth assumption of about 1% for '24. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 29, 2023 / 8:30AM, BNZL.L - Half Year 2023 Bunzl plc Earnings Presentation