25.01.2024 08:49:18 - dpa-AFX: RS Group Q3 Revenue Edges Up 1%; Like-for-like Revenue Down 10%
LONDON (dpa-AFX) - RS Group plc (RS1.L), on Thursday, reported that its Q3
revenue improved 1%, with a 14% contribution from the acquisitions of Distrelec
and Risoul.
Meanwhile, Q3 like-for-like revenue declined 10%, reflecting weak industrial
sentiment as indicated in continuing soft PMI2 data and slower unwinding of
customer surplus inventory particularly in electronics and associated products.
Simon Pryce, Chief Executive Officer, said, 'Q3 trading was challenging
reflecting the difficult economic backdrop, geopolitical uncertainty, weak
industrial and electronic markets and customer surplus inventory in electronics.
We are seeing good contributions from our growth accelerators, with digital
outperforming the broader business and RS PRO and service solutions both
growing. Accelerated integration of our acquisitions is highlighting additional
medium-term upside and the potential for significant further operational
improvement benefits over time.'
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