RS Groups Half-Year Report 2022
LINDSLEY RUTH, CHIEF EXECUTIVE OFFICER, COMMENTED:
“We continue to grow market share, reflecting the strength of our people, our purpose-led culture and differentiated offer. Our active inventory management to support availability, coupled with a more commercial operating model and improved pricing, lead us to expect full year revenue and adjusted profit to be slightly ahead of consensus expectations. We remain mindful of the more challenging economic backdrop but believe we have built a strong, sustainable business that can withstand external headwinds and outperform the market. ”
Q2 revenue performance is underpinned by volume growth and reflects ongoing market share expansion
- Like-for-like revenue growth of 15% despite tough comparatives, macro headwinds and slowing economic growth.
- We estimate a 4% benefit to second quarter revenue from foreign exchange.
- Our industrial product ranges outperformed our electronics range, the former growing like-for-like revenue by 21%.
- EMEA delivered broad-based growth across the region, reflecting an improving customer mix and growth in share of customer wallet; evidenced by increased average order value and frequency.
- Americas’ performance benefited from focused sales and digital campaigns and high customer demand. A strong inventory position supported availability to drive market share gains. Our acquisition of Risoul remains on track and we anticipate, subject to review by the Mexican competition authorities, it will be completed by late November.
- Asia Pacific’s revenue growth was impacted by lack of single-board computing product. Excluding OKdo5, revenue growth was 14%. Our industrial product ranges continue to outperform our electronics range.
- Our own-brand, RS PRO, grew like-for-like revenue by 21%, due to greater availability and website personalisation.
- Web like-for-like revenue increased by 15%, with digital participation of 63%.
