RS Group Q3 Report 2022

DAVID EGAN, ACTING CHIEF EXECUTIVE OFFICER, COMMENTED:

“Our differentiated proposition continues to resonate as we grow market share with our core industrial customer base, prioritising our efforts on where we can add greatest value. We have continued to outperform thanks to the strength of our high-performing people who are focused fully on delivering our strategy. Tight control of our pricing, costs and inventory indicates that our full year adjusted profit will be towards the top end of consensus estimates”

Q3 revenue performance remains solid

• Like-for-like revenue growth of 8% despite a tougher economic backdrop and strong comparatives.
• Industrial products, c. 77% of Group revenue, grew like-for-like revenue by 15% with low single digit volume growth.
• Electronics products’ like-for-like revenue fell 4%, reflecting the slower market.
• EMEA’s growth remained strong as our differentiated proposition resonates with customers, with UK and Ireland performing the best within the region. We continue to focus on developing our service solutions offer and working more closely with strategic suppliers to broaden our range while improving our customer service levels further.
• RS PRO like-for-like revenue grew 19% due to greater brand equity, focused campaigns and better marketing tools.
• Web like-for-like revenue increased by 9%, with digital participation of 64%.