LONDON (dpa-AFX) - RS Group plc (RSI.L), on Thursday, reported a 2% decline in Q1 revenue, with 6% added from the acquisitions of Risoul and domnick hunter.
Like-for-like revenue decreased 7% reflecting a more challenging environment as indicated by deteriorating PMI data, the continued tough electronics market and the weakening industrial market.
The company stated that Q1 like-for-like revenue was impacted by the 2022/23 strategic repositioning of OKdo reducing Group revenue by over 1%, as well as the lack of the previously reported Q1 2022/23 tailwinds of constrained supply and customer inventory builds which are now unwinding.
Trading in EMEA and Americas was marginally softer than anticipated and volatile in Asia Pacific.
Simon Pryce, Chief Executive Officer, said, 'Trading for the quarter was marginally softer than anticipated, reflecting the more difficult macroeconomic backdrop and tough comparatives. We are reacting well in this more challenging trading environment with greater focus and by managing our cost base effectively whilst continuing to make strategic investments for the future. I am confident in the RS strategy and scale of opportunity as we continue to position the Group to deliver long-term and through-cycle value creation for our stakeholders.'
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