23rd May 2023 09:13
(Alliance News) - RS Group PLC on Tuesday said it delivered a "strong" yearly performance, with revenue and profit growth despite a "challenging macroeconomic backdrop".
The London-based industrial and electronics products distributor said revenue for the year ended March 31 grew by 17% to GBP2.98 billion from GBP2.55 billion a year prior, citing strong growth across its industrial product ranges in the Americas, Europe, Middle East & Africa and Asia Pacific regions.
Pretax profit was GBP383.0 million, up 24% from GBP308.8 million in financial 2022.
RS Group proposed a final dividend of 13.7 pence per share, up 18% from 11.6p a year prior, bringing the total proposed dividend to 20.9p per share, a 16% increase from 18.0p per share a year before.
Looking ahead, RS Group said trading for the first seven weeks of financial 2024 have been impacted by a slowing in industrial growth. However, the company said it remains comfortable with financial 2024's market consensus profit expectations of GBP930 million for adjusted operating profit and adjusted pretax profit of GBP379 million. RS Group expects its performance to be more weighted towards the second half of the financial year.
Chief Executive Officer Simon Pryce said: "RS delivered a strong performance in 2022/23 despite a more challenging macroeconomic backdrop in the second half. This reflected our on-going operational excellence initiatives, geographical, industry and product mix, inventory availability and strong pricing."
Shares in RS Group were down 3.2% at 825.20 pence each in London on Tuesday morning.
By Sabrina Penty; Alliance News reporter
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