RS Group has reported like for like revenue growth of 8% in Q3. In the nine months up to December 2022 group sales rose 14%.
Industrial products which represent about 77% of the group revenues climbed 15% with low single digit volume growth.
Electronics products like-for-like revenue fell 4%, reflecting the slower market.
Around the regions, EMEA growth remains strong as the group’s differentiated proposition resonates with customers. The UK and Ireland performed best within the region.
Americas is trading against very strong comparative growth (of 37%). RS Group says its revenue per day remains strong due to investment in people, product range, digital and operational capabilities. A strengthened proposition has cemented deeper relationships with customers and suppliers and improved sales initiatives are delivering market share growth.
Asia-Pacific performance continues to be affected by greater exposure to electronics – circa 35% of region’s revenue – low availability of single-board computing (SBC) product, a challenging geopolitical backdrop and tough comparatives.
Like-for-like revenue excluding SBC was down 2% with industrial products’ like-for-like revenue growing 10%.
RS Pro like-for-like revenue grew 19% due to greater brand equity, focused campaigns and better marketing tools, while web like-for-like revenue increased by 9%, with digital participation of 64%.
David Egan (pictured), Acting Chief Executive Officer commented: “Our differentiated proposition continues to resonate as we grow market share with our core industrial customer base, prioritising our efforts on where we can add greatest value. We have continued to outperform thanks to the strength of our high-performing people who are focused fully on delivering our strategy. Tight control of our pricing, costs and inventory indicates that our full year adjusted profit will be towards the top end of consensus estimates1. We are delighted to welcome Risoul into our Group as we continue to accelerate our growth opportunities both organically and inorganically. We are mindful of the more challenging economic backdrop but believe that this also presents opportunities to drive further profitable market share growth as we continue our Journey to Greatness.”