RS Group Q1 Report 2023

Q1 revenue marginally softer than anticipated reflecting softening PMI2 data, a weak electronics market and tough
comparatives

• Total revenue declined by 2%, with 6% added from the acquisitions of Risoul and domnick hunter.
• Like-for-like revenue declined 7% reflecting a more challenging environment as indicated by deteriorating PMI data, the continued tough electronics market and the weakening industrial market.
• Trading in EMEA and Americas was marginally softer than anticipated and volatile in Asia Pacific.
• Q1 like-for-like revenue was impacted by the 2022/23 strategic repositioning of OKdo reducing Group revenue by over 1%, as well as the lack of the previously reported Q1 2022/23 tailwinds of constrained supply (particularly for electronics products) and customer inventory builds which are now unwinding.
• Industrial product ranges like-for-like revenue, c. 78% of Group, was flat. Electronics products range declined 24%.
• The £313 million Distrelec acquisition completed at the end of June, which expands our continental European
  presence and has significant synergy potential.