6th Oct 2022 09:06
(Alliance News) - RS Group PLC on Thursday hailed its half-year performance, and now expects an outperformance for profit and revenue in its full year.
RS Group is a London-based industrial and electronic products distributor.
It said revenue in the six months to September - its first half - was 16% higher year-on-year.
During the second quarter to September, RS said revenue performance was underpinned by volume growth and reflects ongoing market share expansion.
Like-for-like revenue growth amounted to 15% despite "tough comparatives, macro headwinds and slowing economic growth", it said.
RS now expects full-year revenue and adjusted profit to be "slightly ahead" of market consensus.
Revenue consensus stands at GBP2.86 billion, with adjusted operating profit expected at GBP364.9 million, and adjusted pretax profit estimated at GBP357.7 million.
Chief Executive Officer Lindsley Ruth said: "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."
Shares were up 1.6% at 1,022.00 pence each on Thursday morning in London.
By Xindi Wei; [email protected]
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