RS Group says trading in the first quarter was in line with expectations. Group revenue grew 3% over the same period in the prior year and declined by 3% on a like-for-like basis, excluding acquisitions, foreign currency and trading days.
The company issued a trading update for the three months ended 30 June 2024, ahead of its Annual General Meeting.
As trading conditions stabilise and comparatives get easier, the pace of decline in like-for-like revenue across all three regions continues to slow as anticipated.
In EMEA, like-for-like revenue declined 3% reflecting largely ongoing volatility in various PMIs1 across the region, although total revenue grew by 7% with an additional quarter’s contribution from Distrelec.
Like-for-like revenue in Americas benefitted from a strong performance from Risoul but declined by 3% due to continuing weakness in electronics and industrial automation markets.
Similarly, Asia Pacific continues to be impacted by weakness in electronics with like-for-like revenue down by 3% but is beginning to demonstrate underlying improvement.
The company says it is progressing well with a cost savings programme, the integration of acquisitions, and investment in operational efficiencies and system enhancements.
“We remain confident this multiyear investment will improve future operating leverage and returns,” says RS.
