**Summary of RS Group PLC Half-Year Financial Report (H1 2025/26)**
**Financial Performance Highlights**
**Revenue:** £1403 milliondown 3% year-on-year
like-for-like down 1%with growth in Q2.
**Adjusted Operating Profit** £122 million, down 8% year-on-year
like-for-like down 7%.
**Operating Profit Margin:** 8.7%down 0.5 percentage points.
**Profit Before Tax:** £112 millionup 7% year-on-year.
**Basic Earnings Per Share:** 17.7pup 8% year-on-year.
**Interim Dividend:** 8.7pup 2%.
**Key Performance Indicators**
**Gross Margin** Improved by 0.4 percentage points to 43.1%.
**Adjusted Operating Cash Flow Conversion:** 107%, exceeding the 80% target.
**Net Debt** Reduced by £31 million to £333 million.
**Net Debt to Adjusted EBITDA** Improved to 1.0x from 1.3x.
**Strategic and Operational Progress**
**Restructuring Benefits** £9 million in H1 2025/26, with a cumulative total of £47 million since April 2023.
**Growth Accelerators** RS PRO like-for-like revenue up 4%
Service solutions up 7%.
**Organic Investment** £19 million in H1 2025/26, part of planned £35-£40 million for the full year.
**Regional Performance**
**EMEA** Revenue down 2% like-for-like
operating profit down 9%.
**Americas** Revenue up 1% like-for-like
operating profit down 9%.
**Asia Pacific** Revenue up 4% like-for-like
operating profit up 42%.
**Full Year Outlook**
Unchanged, with expectations of slight gross margin improvement and continued cost management.
Capital expenditure forecast at around £50 million.
Progressive dividend policy maintained.
**Sustainability and ESG**
**Better World Product Range** Expanded to over 33,000 products.
**Emissions Intensity** Reduced by 35% from the 2019/20 baseline.
**Employee Engagement** Increased to 73%.
**Going Concern and Risks**
The Board has assessed the Groups ability to continue as a going concern for at least 12 months.
Principal risks include cybersecurity, geopolitical and macroeconomic environment, and climate change.
**Conclusion**
RS Group PLCs first-half performance was in line with expectations, with strategic initiatives driving operational improvements and market share gains. The Group remains confident in its medium-term financial targets, supported by ongoing investments and a focus on sustainable value creation.
| Metric | H1 2025/26 | H1 2024/25 | Change |
|---|---|---|---|
| Revenue | £1,403m | £1,441m | (3%) |
| Adjusted operating profit | £122m | £133m | (8%) |
| Adjusted operating profit margin | 8.7% | 9.2% | (0.5) pts |
| Adjusted profit before tax | £112m | £118m | (6%) |
| Adjusted basic earnings per share | 17.6p | 18.5p | (5%) |
| Net debt | £(333)m | £(437)m | £104m improvement |
| Net debt to adjusted EBITDA | 1.0x | 1.3x | 0.3x improvement |