RS Group has reported sales up 21 % year on year to £1.46 billion in the first half of its 2022/23 financial year.
Profit soared 35 % to £196.1 million.
David Egan (pictured), Acting Chief Executive commented: “We have delivered a strong revenue and profit performance in the first half as our differentiated proposition continues to resonate with all our stakeholders. Our performance has been driven by our people who are aligned to our purpose-led culture and are working hard to improve our customer experience and commercial focus further. We continue to invest in our Group to become stronger, more profitable and to take greater market share. While mindful of a slowing economic backdrop, we remain optimistic that we will continue to outperform the market.”
The company has continued to increase its average order value with core customers and industrial products which represent 74 % of Group revenue grew volumes by 8 % with a total like-for-like growth of 21 %.
RS made a one-off payment of c. £5 million to financially support employees during these more difficult economic times.
RS says that trading over the first four weeks of the second half has been in line with expectations.
It adds that despite the more difficult economic backdrop, our performance in EMEA remains broadly in line with the second quarter driven by our strong industrial offer, greater proportion of service solutions revenue and improving service levels.
Americas continues to deliver strong revenue, against toughening comparatives, as we maintain our investment in our operational capabilities after a period of exceptional growth. Trading in Asia Pacific continues to be affected by the slower electronics market and reduced availability of single-board computing product as well as a more challenging geopolitical backdrop and lockdowns resuming in China.
Notwithstanding the tougher global economic environment, trading remains in line with our and consensus expectations for the full year.