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RS Group maintains outlook despite revenue decline
(Sharecast News) - RS Group said in an update on Thursday that its full-year outlook remained unchanged, despite reporting a 2% decline in like-for-like revenue for the first quarter ended 30 June. The FTSE 250 industrial solutions provider, which was holding its annual general meeting, cited softer purchasing manager indices (PMIs) in EMEA as a drag on performance, although trading in the Americas and Asia Pacific remained more resilient.
Adjusting for temporary impacts related to operational upgrades, the company said trading was broadly flat.
During the quarter, RS Group said it advanced key elements of its strategic action plan, including a digital platform upgrade in the Americas and the consolidation of a Distrelec distribution centre in EMEA.
The company said it was continuing to invest in strengthening its proposition, improving operational efficiency, and growing market share, while maintaining agility in pricing and cost control.
"We are confident that this will generate sustainable value and stronger returns as markets recover, in line with our medium-term financial targets," the group said.
At 0907 BST, shares in RS Group were down 1.12% at 571.5p.
Reporting by Josh White for Sharecast.com.
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