UK's RS Group top loser on FTSE 100 on weak FY results

RS

22/05/2024 08:26

** Shares of RS Group  RS1R.L  down 7.5% at 746p - biggest
one-day pct drop in a year
    ** Stock top loser on FTSE 100 index  .FTSE  
    ** Annual adj profit before tax slid 30% to 281 mln pounds
($358.08 million) 
    ** "Our financial performance in 2023/24 reflected weakness
in global industrial production and the unwinding of unusual
post-pandemic trading tailwinds," the company said 
    ** Revenue for year down 1% with 8% like-for-like decline
    ** Co identified significant further cost and efficiency
benefits to pursue over time
    ** Expects some short-term dilution to operating profit
margin 
    ** RS Group shares fell about 9% YTD


($1 = 0.7847 pounds)

 (Reporting by Yamini Kalia in Bengaluru)
 ((Yamini.Kalia@thomsonreuters.com;))