Re destocking cycles, Mr Sharp said it varies markedly. The next...

Re destocking cycles, Mr Sharp said it varies markedly. The next six months look challenging, but harder to interpret than normal.

If conditions were to worsen and levers available to RWC, Mr Sharp said in April 2020 RWC furloughed 400 employees quickly. At present, RWC is looking at overtime more closely (i.e. limiting it) but demand hasn't come off, and it's also looking at whether to hire more closely (being more conservative).

Re pricing, Mr Johnson (CFO) gave a confusing response but I think he meant some catchup still remained to recoup inflation.

The UK core UK plumbing and heating business future is uncertain, but flat at present. If it didn't decline further in the next six months, RWC would be pretty happy.

Push-and-connect (for fittings) is better in USA but down in UK.

An analyst said commodities such as copper were cheaper so why is RWC concerned about inflation? The CFO Mr Johnson said there was a lag with inflation on the balance sheet rolling into FY 23, so RWC is continuing to watch prices.

Stock obsolescence is not a concern, the CFO said.

Mr Sharp said the decision to invest in inventory would help RWC for years to come, and it came back to normal in operations quite quickly, especially when compared to some competitors. It helped RWC's credibility to be able to supply clients. 'Value' is the RWC way. It has enhanced its position with customers.

Re the debt RWC holds, the CFO said as it pays down debt, the way the debt was structured would protect RWC (from fixed rate increases? I couldn't hear this well).