RS reports on a challenging year

MRO reseller RS Group has published its annual results for the year ended 31 March 2024.

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MRO reseller RS Group has published its annual results for the year ended 31 March 2024.

The UK-based group said its performance was in line with expectations, with like-for-like revenue falling 8% to £2.94 billion ($3.74 billion) and adjusted operating profit dropping 25% to £312 million.

All reporting regions were impacted by the weaker market conditions, with the electronics segment particularly challenged. Comparable sales fell by 5% in EMEA, 13% in Americas and 15% in Asia-Pacific. Meanwhile, sales of the RS PRO own brand ranges – 13% of total revenue – were up 3%.

The OPI Top 100 reseller said demand is stabilising but remains subdued, with limited short-term visibility. The company will continue to focus on efforts to reduce costs – around £30 million was taken out last year – but will also make significant investments in areas such as IT and acquisitions.

The full results, including regional commentary, can be found here.

London, UK