RS Group Full-Year Report 2023

SIMON PRYCE, Chief executive Officer, commented : “Our financial performance in 2023/24 reflected weakness in global industrial production and the unwinding of unusual post-pandemic trading tailwinds. The more difficult trading environment also highlighted the need for increased focus and alignment, better prioritisation and execution, greater agility, and a more efficient and flexible cost structure. We have aligned our strategic actions, simplified our operating model, enhanced our leadership team and clarified accountabilities. We are also reducing our cost base and see the opportunity for significant efficiency improvements in the future. Furthermore, I am particularly pleased with the strategic acceleration our recent acquisitions are delivering.

Highlights

  • Results in line with market expectations3 , revenue down 1% with 8% like-for-like decline, 10% acquisition benefit and 2% negative currency impact
  • Growth accelerators outperformed: RS PRO and service solutions like-for-like revenue grew 3%, digital down 6%
  • Gross margin of 43.0% decreased 1.1 pts like-for-like as anticipated due to the reversal of inflation benefits
  • Adjusted operating profit margin of 10.6% reflects gross profit decline and active cost management
  • Accelerated integration of Distrelec to generate material cost savings; Risoul strong operational outperformance
  • Final dividend maintained at 13.7p; full-year dividend increased 5% to 22.0p

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