- RS Group
- 07 November 2024 08:58:03
Source: Sharecast
RS Group said interim adjusted operating profits were down 14% year-on-year at £134.0m, while adjusted pre-tax profits were down 17% at £119.0m. Adjusted operating profit margins slipped 1.5 basis points to 9.3%.
The FTSE 250-listed group also highlighted that adjusted free cash flow had surged 246% to £89.0m, net cash from operations had grown 57% to £163.0m and net debt had improved from £502.0m to £437.0m.
Group revenue was broadly unchanged, with a 3% benefit from acquisitions offsetting a 3% like-for-like decline.
RS added that while it was not anticipating "any material market improvement" for the remainder of FY24-25, it was "reacting effectively" to market conditions, exercising strong operational discipline, gaining share and bringing forward its cost efficiency and integration plans.
"As a result, whilst short-term trading visibility remains limited, we will continue to flex the cost base appropriately and expect the outcome for the full year 2024/25 to be in line with current market expectations," said RS.
As of 0855 GMT, RS Group shares were up 8.07% at 736.50p.
Reporting by Iain Gilbert at Sharecast.com