Bunzl has not really had to do recoveries, but it looks as if it has one on its hands now. The blue-chip supplier has been a big beneficiary of coronavirus through its provision of masks and sanitisers, yet life after the crisis looks uncertain.
Worries about a slowdown in some of its main geographical markets are set to continue well into next year, amid pressure on profit margins and, arguably, an unfamiliar feeling that it needs to do deals to generate growth.
The shares, so reliable for so long, are beginning to look vulnerable.
Bunzl equips builders, restaurants, bars and offices with the everyday stuff, from plastic knives and forks and paper napkins to hard hats, lavatory rolls and first aid kits.
Founded as a