Simon Pryce, RS Group Chief Executive Officer

RS results for the first half of its 2023/24 financial year

  • RS Group, distributor of products, solutions and services for industry, reported sales of £1447 million (approx. €1664 million) for its 2023/24 financial year, down 1% on the same period of its previous financial year.
  • The British group reported a pre-tax profit of £126 million (approx. €145 million) for the first half of its 2023/24, compared with £183 million last year.

“RS delivered a resilient performance in markets that were tougher than expected at the start of the year. Sales in the industrial sector were solid despite a difficult macroeconomic and geopolitical environment. The cyclical weakening of the electronics market was exacerbated by customer destocking. Although markets remain challenging in the short term, the medium- and long-term growth characteristics are nevertheless attractive”, said Simon Pryce, RS Group Managing Director.

Revenues from the industrial products and service solutions ranges, which account for 80% of Group sales, fell by 2% on a like-for-like basis in the first half.

The electronics products and services range accounts for 19% of Group sales. Supply constraints continued to ease and demand to soften, particularly for passive components and semiconductors. As a result, sales of this product range fell by 24%.

Sales of RS PRO brand products accounted for 13% of Group sales. They increased by 5% on a like-for-like basis, due to the extension of this product range.