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RS Group PLC on Thursday hailed its half-year performance, and now expects an outperformance for profit and revenue in its full year.
RS Group is a London-based industrial and electronic products distributor.
It said revenue in the six months to September - its first half - was 16% higher year-on-year.
During the second quarter to September, RS said revenue performance was underpinned by volume growth and reflects ongoing market share expansion.
Like-for-like revenue growth amounted to 15% despite ‘tough comparatives, macro headwinds and slowing economic growth’, it said.
RS now expects full-year revenue and adjusted profit to be ‘slightly ahead’ of market consensus.
Revenue consensus stands at £2.86 billion, with adjusted operating profit expected at £364.9 million, and adjusted pretax profit estimated at £357.7 million.
Chief Executive Officer Lindsley Ruth said: ‘We remain mindful of the more challenging economic backdrop but believe we have built a strong, sustainable business that can withstand external headwinds and outperform the market.’
Shares were up 1.6% at 1,022.00 pence each on Thursday morning in London.
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