REG - RS Group PLC - Final Results
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RNS Number : 4978J RS Group PLC 21 May 2025
21 May 2025
RS GROUP PLC
RESULTS FOR THE YEAR ENDED 31 MARCH 2025
RESULTS IN-LINE: A YEAR OF SIGNIFICANT UNDERLYING PROGRESS
SIMON PRYCE, CHIEF EXECUTIVE OFFICER, COMMENTED:
"I am extremely grateful for the continuing efforts of our great people. This
enabled us to deliver a resilient performance this year, particularly given
the challenging macro-economic backdrop. RS is now executing more effectively,
performing as it should and taking market share. We are delivering
restructuring and integration benefits, improving efficiency and managing
costs appropriately whilst continuing to invest in our people, customers,
product, experience, infrastructure and technology. This is strengthening our
value proposition for all stakeholders.
We are focusing on what we can control in markets that remain challenging, and
we will continue to be agile in our execution and cost management whilst
investing selectively for the future. We have a solid pipeline of acquisition
opportunities to accelerate our strategy, supported by our strong balance
sheet, and will remain value disciplined.
Importantly, we are making significant underlying progress. This gives us
increased confidence in our ability to deliver our medium-term financial
targets through accelerated growth and much improved operating leverage once
markets recover."
2025 2024 Change Like-for-like(2) change
Restated(1)
Highlights
Revenue £2,904m £2,942m (1)% (2)%
Adjusted operating profit(2) £274m £306m (10)% (8)%
Adjusted operating profit margin(2) 9.4% 10.4% (1.0) pts (0.7) pts
Adjusted profit before tax(2) £248m £275m (10)% (7)%
Adjusted earnings per share(2) 39.1p 42.9p (9)% (6)%
Operating profit £233m £275m (15)%
Operating profit margin 8.0% 9.3% (1.3) pts
Profit before tax £206m £243m (15)%
Earnings per share 32.5p 37.9p (14)%
Full-year dividend 22.4p 22.0p 2%
Adjusted free cash flow(2) £214m £151m 42%
Cash generated from operations £349m £301m 16%
Net debt(2) £364m £418m
Net debt to adjusted(2) EBITDA 1.1x 1.2x
Performance in line with expectations
· Revenue down 1% with 2% like-for-like decline, 2% acquisition benefit
and 1% negative currency and trading days
· Growth accelerators: like-for-like revenue +2% at RS PRO, +6% across
services and solutions, (2)% in digital
· Gross margin flat as anticipated at 42.8%
· Adjusted operating profit margin 9.4%, with cost inflation and organic
investment partially offset by cost savings
· Distrelec and Risoul integration benefit well ahead of plan
· Final dividend of 13.9p; full-year dividend increased 2% to 22.4p
Significant underlying progress
· Much improved execution and operating performance; £31 million of
strategic investment improving differentiated proposition and operating
efficiency
· Generated £29 million in cost savings; a total of £38 million savings
delivered over last two years
· Extra £13m of one-off cost benefits within the year, partly offsetting
£17m of restructuring and integration charges
· Increased focus on working capital delivered excellent adjusted
operating cash flow conversion of 111%
(2023/24: 83%)
· Strong balance sheet, net debt to adjusted EBITDA of 1.1x
Outlook
Markets remain challenging with Americas and Asia Pacific more resilient than
EMEA and particularly the UK reflecting softer PMIs(3). We are monitoring the
evolving global tariff environment which we expect to have limited direct
impact on RS but are mindful of the indirect effect that tariffs might have on
industrial production and confidence.
We remain confident that once PMIs recover, structural industry trends will
return our markets to growth. We are therefore focusing on what we can control
and will remain agile in our execution and cost management and value
disciplined in pursuing acquisition opportunities. We will also continue to
make selective strategic investments to strengthen RS so that we are best
placed to accelerate our growth, with much improved operating leverage, when
markets recover.
Importantly, we are making significant underlying strategic and operational
progress. This gives us increased confidence in our ability to deliver our
medium-term financial targets of growing revenues at twice the market with
mid-teen adjusted operating margins, over 80% cash conversion and over 20%
return on capital employed.
1. 2023/24 has been restated in the US to reflect the correct
application of the Group inventory provisioning policy. See further details in
Note 12.
2. See Note 11 for definitions and reconciliations of all
alternative performance measures, including like-for-like change and adjusted
measures.
3. Purchasing Managers' Index (PMI).
4. Consensus for the year ended 31 March 2025 is revenue of
£2,899 million, adjusted operating profit of £275 million and adjusted
profit before tax of £244 million. Source:
rsgroup.com/investors/analyst-consensus/.
Enquiries:
Kate Ringrose Chief Financial Officer 020 7239 8426
Lucy Sharma VP Investor Relations 020 7239 8427
Martin Robinson Teneo 020 7260 2700
Please find a link to a video message from Simon reflecting on the year's
underlying progress:
RS Group CEO Simon Pryce, FY25 full-year results
(https://www.youtube.com/watch?v=wM5R6jEXER8)
There will be an analyst presentation today at 9am (UK time) at the London
Stock Exchange, 10 Paternoster Square, London EC4M 7LS. We will also provide a
video webcast, which can be accessed live and later as a recording on the RS
Group website at www.rsgroup.com (http://www.rsgroup.com) .
Webcast link:
https://www.investis-live.com/rsgroup/681deee5b64a850015245103/rsgfyr25
(https://www.investis-live.com/rsgroup/681deee5b64a850015245103/rsgfyr25)
It is advisable to pre-register early to avoid any delays in joining the audio
webcast. To ask an audible question, participants will need to be connected by
phone.
Operator Assisted Dial-In:
United Kingdom (Local): +44 20 3936 2999
United Kingdom (Toll-Free): +44 800 358 1035
All other locations: Global Dial-In Numbers
(https://www.netroadshow.com/events/global-numbers?confId=82644)
Participant access code: 710397
Presentation details:
Date: Wednesday, 21 May 2025
Time: 9.00am UK time
Venue: London Stock Exchange, 10 Paternoster Square, London EC4M 7LS
Notes to editors:
RS is a high-service global product and service solutions provider for
industrial customers, enabling them to operate efficiently and
sustainably. We operate in 36 markets, stock over 830,000 industrial and
specialist products and list an additional five million relevant for our
industrial customers, sourced from over 2,500 suppliers. This extensive range
supports our customers across the industrial lifecycle of designing, building,
and maintaining equipment and operations. We enhance their experience through
a tailored service model, leveraging our efficient physical, digital and
process infrastructure sustainably. We combine a technically led and digitally
enabled approach with an exceptional team of experts; ultimately, it's our
people that make the difference. Our purpose, making amazing happen for a
better world, reflects our focus on delivering results for people planet and
profit.
RS Group plc is listed on the London Stock Exchange with stock ticker RS1 and
in the year ended 31 March 2025 reported revenue of £2,904 million.
BUSINESS REVIEW
It has been a year of significant underlying progress at RS Group. We are
executing a clear and focused plan to improve performance and deliver
sustainable value for all stakeholders. Our aligned teams are addressing
organisational and process inefficiencies and prioritising our investment to
position RS for accelerated strategic growth and sustainable value creation.
RS is executing more effectively, with improving operating metrics, although
more difficult markets mean this has yet to be reflected in absolute financial
performance. I am extremely grateful and hugely proud of our great people who
continue to embrace the changes we are making and are working extremely hard
to deliver them.
This year, we have faced weaker than anticipated global industrial demand and
geopolitical uncertainties that continue to impact business confidence as
reflected in weak manufacturing PMI data. This uncertainty continues and is
delaying recovery in industrial production. Against this difficult market back
drop, RS is performing as it should. Proxy market data, such as supplier
information and digital search enquiries, is showing that RS continues to take
share across most of our technical product categories. We are also managing
better the things we can control, making continued selective strategic
investment and improving our execution. The cost savings we have delivered
were greater than originally planned, and we have improved cash generation
through better focus. Our strong balance sheet also gives us the opportunity
to accelerate our strategy through continued but disciplined consolidation
within a fragmented market.
During the year, we provided more detail on our business, our strategy, our
plan of action to position RS for accelerated growth and ways to improve
operating leverage and business efficiency at our Investor Event in September
2024 (full details on our corporate website www.rsgroup.com/investors
(http://www.rsgroup.com/investors) ). We made good progress this year and have
greater confidence in our ability to deliver strong and more sustainable
performance as markets recover and generate significant value for all our
stakeholders over time.
Our 2024/25 financial performance
During 2024/25, our revenue declined 1% with like-for-like revenue down 2%
reflecting the difficult industrial markets. Our performance improved during
the second half of the year, especially within Americas and Asia Pacific,
partly due to easier comparable data and a more stable electronics market, and
in the fourth quarter delivered a small increase in like-for-like revenue
albeit with continued variability month to month.
Our average order value declined slightly to £252 (2023/24: £257) but the
average order frequency increased as supply chain dependability improved and
customers ordered for immediate need rather than for inventory and
availability. Our industrial product categories continued to outperform the
broader Group reflecting the relative resilience of these categories, the
importance of our products to customers' operations and increased focus by our
teams on a more curated and specialist offer. Our Semis & Passives and
Cables & Connectors product ranges performance remained weak, reflecting a
more competitive electronics market.
Our growth accelerators continue to outperform the wider Group: our own-brand
RS PRO grew by 2% like-for-like and our revenue associated with our service
solutions increased by 6% like-for-like. Digital revenue in total declined by
2% like-for-like, but this included 4% like-for-like revenue growth in digital
procurement solutions, such as eProcurement, used by larger customers
requiring a more integrated and automated procurement method. Pure web revenue
decreased despite improved conversion, reflecting reduced web enquiries and
lower demand from more transactional customers. We are capturing some of this
transactional web traffic with the continued adoption of our digital
procurement solutions.
We generated £29 million of cost savings through actions, including labour,
as we improve our productivity; with over £38 million of accumulated savings
over the last two years. Additionally, we delivered £13 million of one-off
cost benefit as we flexed our spending to reflect the difficult economic
backdrop and accelerated the integration of our acquisition of Distrelec,
partly offsetting charges relating to the restructuring and integration
programme. Our actions are helping offset cost inflation, more normalised
employee performance-based incentives, higher variable costs from customers
ordering more frequently and an increase in organic investment to support RS
for further market share growth and future cost efficiencies. Our adjusted
operating profit margin fell 0.7 percentage points on a like-for-like basis to
9.4%.
A much-improved cash focus led to an adjusted operating cash flow conversion
of 111% from improved working capital management. Our balance sheet remains
strong, with net debt to adjusted EBITDA of 1.1x.
Executing our strategy
We have made significant progress over the last two years. Our strengthened
leadership team, greater strategic focus and more relevant operating model is
improving consistency and delivery. We have developed an integrated action
plan to deliver accelerated growth, improved operating leverage and more
operating efficiency. This has aligned our teams and improved the way the
Group interacts and functions with clarified accountability enabling more
agile decision making and more disciplined investment and resource allocation.
We are now one year into the execution and delivery of this multi-year action
plan, including continued investment in our key strategic areas of focus to
further differentiate our proposition and drive efficiency benefits and are
already seeing operational improvements.
People
Be first choice for employees through creating an inclusive and engaging
environment where everyone is proud and excited to come to work, can perform
at their best, thrive and grow.
This year, we continued to strengthen our senior leadership capability through
a mix of external hires, internal promotions and increased investment in
training and mobility. We launched a refreshed employee value proposition 'Go
beyond amazing' and improved our recruitment capability leading to over 95%
of roles now being filled via our
in-house talent acquisition team, reducing our agency recruitment costs and
time to hire. We have also enhanced our early careers programme, achieving a
platinum award with the 5% Club in the UK.
Our new values have been successfully embedded and we are maintaining high
engagement levels despite the significant amount of change taking place across
the organisation and an uncertain external environment. We enhanced and
improved the effectiveness of our Employee Resource Groups which support the
culture of belonging and overall wellbeing at RS which is core to our future
success.
Our redesigned employee incentive schemes and our team recognition tools are
proving effective in creating stronger alignment of individual objectives with
key strategic outcomes and business performance. This has led to greater
focus, empowerment, accountability and responsibility. Our key employee
operational metrics remain strong with our voluntary employee turnover at 9%,
better than plan and target.
Customers
Focus on higher value customers through harnessing data, embracing strategic
engagement and ensuring a suitable cost to serve for all customers.
In 2024/25, we continued to invest in tools that better utilise the extensive
data we have on our customers and their transactions. This is to better
support and serve customers with their infrequent and difficult to predict but
critical demand for a broad range of technical products across multiple
categories, in small volumes at often relatively high frequency, and where
availability is valued and key. This typically helps customers to fulfil their
maintenance, repair and operations (MRO) needs for small batch and highly
configured production and design requirements. These investments also aim to
improve our focus on high lifetime value customers, whilst continuing to
support all customers but ensuring that we serve them in a cost-effective way.
In the year, we completed the roll out of a common customer relationship
management tool across EMEA and the US, built a global customer database for a
single view of customers and segmented our customers into industry verticals
and value, enabling us to provide them with a more tailored sales, service and
marketing offer in the future. We also enhanced our Voice of Customer platform
to better differentiate feedback between transactional customers and those
receiving sales account input. Being able to identify transaction-only
customers means we will be able to provide a more relevant digital offer and
service, whilst optimising human touch for our high lifetime value customers,
and an appropriate cost-to-serve.
Revenue from our high lifetime value corporate customers grew by 4% driven by
higher average order value and average order frequency.
Product and supply chain
Offer technically led and specialist product ranges supported by strong
supplier relationships.
We continue to invest in strong supplier relationships, and in our technical
product categories to develop more curated and relevant ranges for our
customers and suppliers. We are also investing in global supply chain
processes and infrastructure to optimise supply and delivery to customers,
whilst ensuring we manage inventory and anticipated demand effectively.
Key areas of progress this year include the successful launch of our new
product management solution which has tripled the products that can be
uploaded to our websites and reduced onboarding time of technical data
materially. The development of strategic supplier partnership programmes
better support our growth in MRO, particularly in the Americas.
Ongoing investment in RS PRO, our quality-assured own-brand offer and
accounting for 14% of Group revenue, grew new product revenue by 8%. Our
Better World product offer has been enhanced further including development of
a green alternative selling tool aimed at higher lifetime value customers. We
also increased local sourcing and stocking within Asia Pacific to lower
freight costs and associated carbon footprint benefits, cut delivery times and
improve availability for customers.
Revenue from new product introductions is ahead of target, growing by c. 40%
in EMEA and Asia Pacific, and now accounting for 4% of revenue. Our enhanced
supplier programme is driving stronger revenue performance in their brands and
delivering procurement benefits.
Solutions and services
Deliver valued, scalable solutions which builds greater strategic engagement
and drives product pull-through.
We have focused our wide solutions and services offer better, prioritising our
digital procurement and inventory management offer. During the year we
re-platformed our eProcurement offer in Americas and Asia Pacific enhancing
content and order processes through new software planning tools and expanded
and digitalised our custom order solution, particularly in the US.
A refreshed strategy at RS Integrated Supply included cutting unprofitable
clients, development of new client acquisitions, implementing robust cash
management and delivering standardisation and automation to drive cost
efficiencies and scalability.
During the year we have seen 4% growth in eProcurement revenue. RS Integrated
Supply has delivered c. 140% increase in order book and improved
commerciality.
Experience
Strengthen and tailor our customer experience to provide a digitally led,
seamless omnichannel service.
RS has a strong digital presence, which is a source of competitive advantage
especially within the industrial business-to-business market. We are investing
to unify our digital platform across the Group to provide a seamless
omnichannel experience and remove complexity and inefficiencies.
In 2024/25, we upgraded and enhanced our digital platform in Americas which
will then be rolled out across EMEA and most markets in Asia Pacific over the
next three years. We also invested in best-in-class digital tools such as
AI-powered search capabilities globally and upgraded our browse facilities
within EMEA and Asia Pacific.
Our real-time product tracking system, which was several years in development,
was launched in the first half with full rollout expected after we complete
the customer pilot. This should materially improve our customer experience and
reduce customer service enquiries, open orders and returned or cancelled
orders. We are also tailoring a localised digital infrastructure for Asia
Pacific to enhance our customer experience that reflects local customer needs,
provides more tailored content and facilitates easier compliance with regional
regulations and standards.
AI search is enabling us to optimise the 84 million search queries per annum
we receive and redirect our customer service into value-added sales functions,
enhancing customer experience. There has been a 3.3% increase in search visits
adding to basket and 3.4% improved search revenue generation from our AI
search tools.
Operational excellence
Delivering efficient physical, digital and process infrastructure, improved
operating leverage and marginal
drop-through.
We are making significant progress in improving operational efficiency and
reducing complexity as we harmonise and upgrade our systems, processes,
technology and digital infrastructure.
We continued to invest in our physical infrastructure: expanding our
distribution centre (DC) in France, increasing capacity in our US DC through
increased automation and scale and accelerating the closure of the Distrelec
DC to improve efficiency and reduce the cost of the RS distribution network
quicker than originally planned.
We are simplifying and upgrading our technology infrastructure and digital
landscape, aligning our data and moving to standardised and globally
harmonised, cloud native technology platforms. This is a multi-year programme
that has only just commenced but moving to best-in-class applications for each
function, module-by-module, will deliver significant operational and financial
benefits in the medium term, create increased capacity, reduce project risk
and importantly improve agility and scalability.
As we upgrade our technology platform and applications estate, we are
standardising and modernising our middle and back-office processes which will
ultimately reduce our cost base and improve productivity, scalability and
flexibility. We are consolidating and better leveraging our global shared
business services, strengthening our resource allocation planning and
processes and improving our operational oversight and control environment.
Standardising and streamlining our project management procedures will drive
greater efficiency, consistency and collaboration across the Group.
During the year we rationalised c. 40 technology applications, reduced our
headcount by c. 4%, began the migration of our Distrelec customers and
rationalised our global shared business services delivering improved
productivity and associated cost benefits. We are well on the way to
delivering the operational efficiencies, cost savings and increased
scalability, that will equate to a c. 150bp (equivalent to c. £45 million) of
operating margin improvement over the medium term.
Acquisitions that accelerate our strategy
There is a solid pipeline of acquisition opportunities that can accelerate our
strategy in a value disciplined way, supported by our strong balance sheet.
Selective acquisitions can enhance our presence in key markets, accelerate our
operating leverage, strengthen product specialisation and expand our solutions
and services portfolio. We are, however, mindful of the current macro
uncertainty and will remain value disciplined in the way we assess
opportunities.
Integration of our recent acquisitions has continued at pace and remain on
track to deliver returns that more than cover our cost of capital within three
years. We are particularly pleased with the progress our teams are making in
integrating Distrelec and RS EMEA, which is materially exceeding the initial
benefits case. This has included migrating customers to RS, exiting the
Distrelec third-party managed DC in the Netherlands and utilising our
facilities across Europe. At the end of the year, we agreed the divestment of
Distrelec's sales activities in Finland and the Baltics, for
c. £5 million, to our long-term distribution partner in the region, Boreo
Plc. RS will continue to supply Distrelec customers in these markets through
an expanded distribution agreement.
The acquisition of Trident in Perth, Australia, in April 2024 has expanded our
service capability, provided local fulfilment centre capacity in the region
and opened opportunities with customers in the resources sector. Trident is
performing ahead of our investment case despite challenging markets in
Australia.
Focusing on sustainability for stronger value creation
We continue to accelerate the delivery of our 2030 ESG action plan to protect
people and the planet, whilst leveraging opportunities for commercial growth
for RS and our stakeholders. Sustainability remains an important opportunity
for RS and a priority for our high-value customers who expect a choice of
sustainable products and services that enhance operational efficiency and
reduce costs, with detailed and transparent ESG reports to comply with
tightening regulations.
Working closer with our suppliers to develop an industry-leading sustainable
product framework is enabling our customers to make more sustainable and
responsible product choices. This includes a dedicated range of c. 30,000
Better World products from over 132 suppliers, digitally tagged on RS
websites.
We made significant progress in delivering a more sustainable distribution
service (DCs, packaging and logistics) to provide a better service to our
customers and reduce our environmental impacts. During the year, we reduced
our Scope 1 and 2 emissions by 7% on a like-for-like basis from 2023/24;
logistics emissions intensity in Europe has fallen by 6% and in Asia Pacific
by 15%, and 94% of packaging is recyclable with 93% of group electricity from
renewable sources. Due to existing outperformance, we have extended our 2030
ambitions to reduce packaging intensity and transport emissions intensity from
our 2019/20 baseline to 45% and 35% respectively.
I was delighted that our progress towards advancing sustainability resulted in
us making the CDP A list this year, improving from A- to A and maintaining our
Platinum EcoVadis status. These top-tier ESG ratings recognise the strength of
our commitment, action and disclosure, and the robustness of our ESG action
plan.
Exciting long-term potential
RS provides the essential link between suppliers of industrial products and a
diverse customer base that displays common buying behaviour associated with
infrequent and difficult to predict but critical demand for a broad range of
technical products across multiple categories, in small volumes at often
relatively high frequency where availability and service is valued and key.
Our wide product offer, specialist expertise, digital-led proposition, strong
distribution capabilities and global infrastructure, combined with our growing
focus on solutions and services, are driving ongoing market share growth. We
also continue to invest to improve our operational effectiveness and drive
better operating efficiencies.
Our underlying progress to date gives us increased confidence in delivering
our medium-term financial targets when the market recovers as volume growth
delivers additional leverage to a more efficient operating model.
Our investment thesis remains compelling. RS is:
· uniquely positioned in fragmented markets with attractive
through-cycle growth characteristics;
· driving market share gains through a differentiated technical and
digital product and service solutions offer;
· investing to improve efficiency and operating leverage of our
global infrastructure to drive significant margin expansion;
· accelerating growth through disciplined acquisitions; and
· a significant and sustainable value creation opportunity.
We remain confident of delivering our targeted financial outcomes in the
medium term of revenue growth of twice our market, mid-teen adjusted operating
margin, cash conversion of 80% and a sustainable return on capital of more
than 20%.
FINANCIAL REVIEW
2025 2024 Change Like-for-like(2) change
Restated(1)
Revenue £2,904m £2,942m (1)% (2)%
Gross profit £1,243m £1,258m (1)% (1)%
Gross margin 42.8% 42.8% (0.0) pts (0.1) pts
Operating profit £233m £275m (15)% (12)%
Adjusted operating profit(2) £274m £306m (10)% (8)%
Adjusted operating profit margin(2) 9.4% 10.4% (1.0) pts (0.7)pts
Adjusted operating profit conversion(2) 22.1% 24.3% (2.2) pts (1.6) pts
Digital revenue(3,4) £1,754m £1,782m (2)% (2)%
RS PRO revenue(3) £392m £386m 2% 2%
Service solutions revenue(3,4) £738m £697m 6% 6%
1. 2023/24 has been restated in the US to reflect the correct
application of the Group inventory provisioning policy. See further details in
Note 12.
2. See Note 11 for definitions and reconciliations of all
alternative performance measures, including like-for-like change and adjusted
measures.
3. See Note 2 for disaggregation of revenue analysis and
reconciliations.
4. Digital revenue and service solutions revenue have been
restated, see Note 2.
Revenue
Group revenue decreased by 1% to £2,904 million. Like-for-like revenue
declined 2% after adjusting for a £50 million contribution from acquisitions,
£66 million in adverse exchange rate movements and a positive benefit of £28
million from more trading days. Trading overall was stronger in the second
half with like-for-like revenue flat with some improvements in external market
indicators including PMI particularly in the final quarter in Americas and
Asia Pacific, although market uncertainty increased in the last few weeks of
the year.
Share of Like-for-like(1) revenue growth
Group revenue
A&C and Electrification, Test & Measurement 48% (2)%
Facilities & Maintenance, Mechanical & Fluid Power, PPE & Site 35% 3%
Safety, Other
Semis & Passives (inc. Single Board Computing), Cables & Connectors 17% (8)%
Total 100% (2)%
Our diverse product category portfolio reduced performance volatility as we
have significant share in categories that are more industrial and tend to be
less volatile (Facilities & Maintenance, Mechanical & Fluid Power, PPE
& Site Safety, Other). Those correlated to the electronics market (such as
Automation & Control (A&C) and Electrification) and the more
electronics-specific categories, Semi & Passives and Cables &
Connectors, remained under pressure in 2024/25.
During the second half of the year, we benefited from product expansion as we
increased the rate of new product introductions following the update of our
product management solution which allowed us to expand our technical product
offer and expand our range with our strategic suppliers.
Digital, accounting for 60% of Group revenue, declined by 2% on a
like-for-like basis. Digital solutions such as eProcurement, which are
predominantly used by our larger customers and is a key strategic goal, grew
by 4%. Web revenue, which tends to reflect smaller, more transactional
purchases, decreased by 5% on a like-for-like basis as we move larger
customers onto our eProcurement platform and see reduced demand from standard
customers that tend to be more transactional in nature and have higher digital
costs of acquisition.
Revenue driven by service solutions accounted for 25% of Group revenue and
increased by 6% like-for-like, with a strong performance in digital
procurement solutions and design, technical and custom order services. RS
Integrated Supply delivered full-year positive like-for-like revenue growth
reflecting a strategic repositioning, new contract wins and strong customer
retention rates in both EMEA and Americas with our order book more than
doubling during the year. We have written off the carrying value of customer
relationships where we generate no value. We continue to strengthen our RS
Integrated Supply proposition and operating model, transitioning from purely
contractual unit price savings to value generation through innovative data and
technology solutions.
RS PRO, which is our main own-brand product range, now 14% of Group revenue,
grew by 2% on a
like-for-like basis, due to extending its product breadth and end-to-end sales
and marketing focus. Our competitively priced offer continues to gain traction
as a quality but non-competing value alternative to third-party branded ranges
as we demonstrate quality through our quality assurance qualifications and
design and test facilities.
Gross margin
Gross margin was flat at 42.8%, as anticipated. Supply-side cost inflation is
normalising and is largely being passed through although there has been some
additional competitive activity within the Semis & Passives product
category. We continue to focus on gross margin optimisation through direct
procurement initiatives, commercial discipline, expanding our own-brand ranges
and by managing foreign exchange volatility.
During the year, we conducted a detailed assessment of our inventory as part
of the Group-wide focus on tightening working cash discipline and cash
management. Following this review, instances of non-adherence to the Group's
inventory provisioning policy were identified, and in order to correct its
application we restated our 2023/24 gross profit to £1,258 million
(previously reported at £1,264 million). These prior year adjustments do not
impact 2024/25 gross profit. For further information please refer to Note 12.
Operating costs
Operating costs, including regional and central costs, increased 3%. Adjusted
operating costs, which excludes the impact of acquisitions, currency
movements, amortisation and impairment of acquired intangibles and
acquisition-related items, increased 1% on a like-for-like basis. Cost
management actions have helped to offset inflation, specifically within
labour, ongoing strategic investment, integration costs and the restructuring
charges relating to our cost-savings programme. Higher average order frequency
has increased variable costs and in particular freight costs as a percentage
of our revenue.
We delivered £19 million of restructuring benefits by improving our
productivity and removing labour and facility duplication within the Group and
a further £10 million of structural integration cost savings. There was a
£17 million in-year charge to deliver these restructuring and integration
benefits which is included within our operating costs. Over the last two years
we delivered £38 million of ongoing structural cost savings, above our
original expectations of over £30 million.
During the year, we also delivered £13m of one-off benefit which includes
£5m from the early exit of a DC lease in the Netherlands operated by
Distrelec and then in-year savings relating to management actions such as
vacancy freezes and extending the life of our technology hardware.
A large proportion of our operating costs relate to our people. We awarded a
low-single digit pay increase across the Group and returned to more normalised
employee performance incentive awards. As sales volumes have reduced, we have
flexed our variable people costs and taken additional actions in specific
areas, such as removing duplicate roles as a result of our new operating model
and to improve productivity.
We spent £31 million on organic strategic investment (a £7 million increase
year on year but lower than anticipated at the beginning of the year as we
actively managed investment levels in a difficult trading environment) focused
on strengthening our digital and commercial capabilities, technology platform,
product and service solutions capacity and improving our operating basics.
This will support ongoing market share growth and ensure we are
well-positioned to benefit when market conditions improve. We are monitoring
our investment spend closely and implementing greater oversight around
execution, progress and delivery.
As previously reported, our central costs now relate solely to supporting
Group head office activities with all other costs within the Group's operating
segments allocated to the regions. Central costs, under the new definition,
increased by £3 million to £14 million, largely reflecting the normalisation
of annual incentive and share-based payments. Details on the reallocation are
set out in Note 2.
Operating costs as a percentage of revenue increased by 1.4 percentage points
to 34.8% and on an adjusted basis increased by 1.0 percentage points to 33.4%.
Adjusted operating profit conversion is like-for-like 1.6 percentage points
lower at 22.1% reflecting the ongoing organic investment and cost of the
restructuring and integration programmes, with cost reductions broadly
offsetting input cost inflation and normalisation of incentives. Operating
profit conversion is 3.1 percentage points lower at 18.7%, impacted by
impairment in RS Integrated Supply and other adjusting items.
Items excluded from adjusted profit
To improve the comparability of information between reporting periods, we
exclude certain items from adjusted profit measures. The items excluded are
described below (see Note 11 for definitions and reconciliations of adjusted
measures).
Amortisation and impairment of acquired intangibles
Amortisation and impairment of acquired intangibles was £37 million (2023/24
amortisation of acquired intangibles: £27 million) and relates to the
intangible assets arising from acquisitions. During the year customer
contracts, relationships and distribution agreements at RS Integrated Supply
(previously IESA) were assessed for impairment and given we are not generating
a profit in respect of the customer relationships acquired with the EMEA
business we have written off the carrying value in full. As a result of that
review, assets related to the acquisition of IESA were fully impaired, with a
net book value of £11 million.
Acquisition-related items
Acquisition-related items were £4 million, with £2 million related to legal
fees in connection with the acquisition of Synovos and £2 million associated
with agreements reached at the time of acquisition for retention payments to
former owners and key employees of those businesses (2023/24: £5 million
directly attributable to the acquisition of Distrelec).
Operating profit
Operating profit decreased by 15% to £233 million. Adjusted operating profit,
which excludes the impact of acquisitions and adverse impact of currency
movements, saw a like-for-like decrease of 8%. Operating profit margin
declined by 1.3 percentage points to 8.0% and on an adjusted basis declined by
0.7 percentage points on a like-for-like basis to 9.4%.
REGIONAL PERFORMANCE
EMEA
2025 2024 Change Like-for-like(1) change
Revenue £1,777m £1,795m (1)% (3)%
Operating profit(2) £201m £223m (10)% (9)%
Operating profit margin(2) 11.3% 12.4% (1.1) pts (0.9) pts
Digital revenue(3,4) £1,330m £1,341m (1)% (2)%
Service solutions revenue(3) £557m £532m 5% 4%
RS PRO revenue(3) £352m £346m 2% 2%
1. Like-for-like adjusted for currency and to exclude the
impact of acquisitions; revenue also adjusted for trading days.
2. See Note 2 for reconciliation to Group operating
profit. Regional operating profit has been restated in the prior period as
shown in Note 2.
3. See Note 2 for disaggregation of revenue analysis and
reconciliations to region's revenue.
4. Digital revenue has been restated, see Note 2.
Like-for-like revenue declined 3% reflecting decreases in industrial
production output and ongoing economic weakness across the region. Throughout
the year, PMI in the Eurozone has been below 50 signalling continued
contraction in the manufacturing sector.
The performance in UK and Ireland (38% of the region's revenue) was in line
with the EMEA average. Production output has been in decline throughout the
year and UK PMI was below 50 across the second half, weakening from the start
of November in line with declining business confidence. We have seen stability
in the number of our larger customer accounts and an increase in average order
value, however, there has been reduction in the number of smaller
transactional customers.
France (19% of the region's revenue) continued to outperform the region with
like-for-like revenue growing by low single digit percentage despite weak
business confidence and industrial production. Our more focused MRO product
and sales offer, aligned to specific industry verticals, initiated in France
and in the process of being rolled out across all three regions, is resulting
in stronger relationships with our suppliers, improved product range curation
and a focus by our teams on the more resilient industry verticals.
DACH (Germany, Austria and Switzerland, 15% of the region's revenue) has been
impacted by weakness in the German economy and particularly within original
equipment manufacturers. Throughout the year production volumes have been in
decline and industrial production has been one of the weakest in Europe. In
Germany, we have a higher exposure to the manufacturing sector and the
automotive industry where production volumes have been weak with extended
shutdowns and site closures. Additionally, there is a higher participation
from A&C and Electrification, and Semis & Passives product categories.
During the second half of the year, we increased the rate of new product
introductions significantly following the update of our product management
solution and associated technology estate. This has allowed us to accelerate
progress in our strategy to have a more technical product offer and expand our
range with our strategic suppliers. This has supported growth in our more
resilient product categories of Facilities & Maintenance, Mechanical &
Fluid Power, and PPE & Site Safety which delivered small like-for-like
growth. A&C and Electrification products, with demand correlated to the
weaker industry sectors and the electronics market, declined by mid-single
digit percentage, but data from our suppliers indicates that we are still
outperforming distribution peers. Demand for Semis & Passives remains weak
with high levels of stock in the distribution network keeping prices
suppressed.
We are making significant progress with our customer strategy focusing on high
lifetime value customers. Our corporate customer revenue grew, benefitting
from several account wins with many using our eProcurement and Purchasing
Manager solutions which grew by 4%. These solutions are integrated within our
customers' systems, pulling through product purchases and generating customer
loyalty and recurring revenue. Web revenue has been impacted by reduced demand
from more transactional customers.
RS Integrated Supply delivered strong revenue growth, driven by higher client
pass-through spend, new contract wins and rigorous review of customer
contractual terms driving gross margin improvements. We have written off the
carrying value of customer relationships where we generate little value. We
have continued to invest in our multi-year programme to optimise customer
engagement and experience, simplify our operations to maximise efficiency and
support our growth ambitions, whilst in parallel implementing robust working
capital strategies.
RS PRO remains strong, gaining 0.5 percentage points of revenue share during
the year.
The integration of Distrelec (acquired 30 June 2023) is continuing well with
the merger of our operations in Italy, including customer migration, completed
in February. Within the year we delivered £10 million of integration cost
savings, with a further one-off £5 million benefit relating to the early exit
of a DC lease in the Netherlands operated by Distrelec. Against this, we
incurred £9 million of integration costs.
EMEA's like-for-like gross margin was flat due to the lag effect of product
cost inflation with minimal sales price inflation and some pricing activity
across Semis & Passives.
Operating costs marginally increased on a like-for-like basis. Headcount
reductions and cutbacks in discretionary spend have helped to offset labour
cost inflation and ongoing investments in our strategic portfolio and the
expenditure relating to our cost savings programme. This is despite increased
order frequency adversely impacting variable costs and in particular freight
costs relative to sales.
Operating profit margin fell by 0.9 percentage points like-for-like to 11.3%.
EMEA's rolling 12-month NPS was 48.5, down from 50.9 in 2023/24. The decline
was anticipated and reflects the implementation of our new product tracking
system which had a temporary and small impact on order fulfilment scheduling.
We expect the monthly NPS score to increase once Release 2 of our product
tracking is rolled out which makes availability and delivery information much
more accurate and visible to the customer.
Americas
2025 2024 Change Like-for-like(1) change
Restated(5)
Revenue £907m £934m (3)% 0%
Operating profit(2) £82m £89m (9)% (4)%
Operating profit margin(2) 9.0% 9.6% (0.6) pts (0.5) pts
Digital revenue(3,4) £305m £318m (4)% (3)%
Service solutions revenue(3,4) £134m £122m 10% 12%
RS PRO revenue(3) £7m £7m 6% 8%
1. Like-for-like adjusted for currency and to exclude the
impact of acquisitions; revenue also adjusted for trading days.
2. See Note 2 for reconciliation to Group operating profit.
Regional operating profit has been restated in the prior period as shown in
Note 2.
3. See Note 2 for disaggregation of revenue analysis and
reconciliations to region's revenue.
4. Digital revenue and service solutions revenue have been
restated, see Note 2.
5. 2023/24 has been restated in the US to reflect the correct
application of the Group inventory provisioning policy. See further details in
Note 12.
Americas revenue declined 3%, with like-for-like revenue, adjusted for
currency and trading days, being flat.
Economic weakness in the US and Canada markets (71% of region's revenue) and
broader uncertainty has impacted business confidence as reflected in PMI data.
This improved in the fourth quarter, with like-for-like revenue turning
positive, in part reflecting expectations of improving business outlook.
Our operations in Latin America (23% of region's revenue) have grown strongly,
helped by a market continuing to benefit from increased capital investment in
private and public sectors (mining, chemical, personal care, pharmaceutical
and energy) and our proposition resonating well with our existing customer
base as we expand our product and service solutions offer.
Our business in Americas has a higher proportion of builders of industrial
assets, including discrete manufacturers, within the customer base than the
rest of the Group. This results in greater sensitivity to capital investment
expenditure and project-related sales and so was affected by the reduction in
manufacturing production and market uncertainty for much of the year. Our key
growth accelerators (product expansion, RS PRO, solutions, strategic suppliers
and targeting specific customer verticals) outperformed as we implement our
strategic action plan.
A large proportion of revenue relates to industrial A&C and
Electrification products (c. 70% of the region's revenue versus 41% across the
Group) which delivered a low single digit percentage like-for-like growth.
Semis & Passives and Cables & Connectors (c. 10% of the regions
revenue) saw high single digit like-for-like decline.
Revenue from digital declined by 3% like-for-like. Our eProcurement solution
outperformed, particularly in Latin America, as we migrated larger customers
onto the technology, driving increased customer loyalty. We look forward to
continued momentum in 2025/26 with the roll out of our new digital platform in
US and Canada and further development of our eProcurement solution.
Revenue attributed to service solutions grew 12% like-for-like driven by our
investment and sales team focus in ramping up our design and technical
services and delivery offers.
RS PRO revenue increased from a low base, as we increased management focus and
marketing effort on some key product categories. In Latin America, we are
beginning to introduce RS PRO to our customers with curated product offerings
and increased promotional activities.
RS Integrated Supply delivered flat like-for-like revenue growth, despite a
small reduction in customer
pass-through spend, reflecting the blend of new contract wins and customer
retention rates. We continue to drive efficiency in our operating costs
delivering in-year savings as we move to a global platform and operating
model, sharing best practice.
Americas' gross margin was slightly lower (0.1 percentage points on a
like-for-like basis) due to some competitive pricing pressure, largely offset
by focused margin-improvement activities and expansion into margin accretive
product lines. During the year, we conducted a detailed assessment of our
inventory as part of the Group-wide focus on tightening working cash
discipline and cash management. Following this review, it was identified that
some inventory was miscategorised against which more stringent provision rates
should have been applied, along with further instances of non-adherence to the
Group Policy. As a result, we increased the inventory provision by £19
million. We restated our 2023/24 gross profit to £89.2 million (previously
reported at £95 million). These prior year adjustments do not impact 2024/25
gross profit. For further information please refer to Note 12.
Our operating costs are up 2% like-for-like reflecting investments in
initiatives focused on customer experience, service-based solutions and
product offer expansion offset by structural cost reductions and efficiencies
to better align the region with current demand. A portion of the investments
was related to expansion and process investments in Latin America to support
continued growth.
Americas' operating profit margin declined year on year mainly due to flat
revenue coupled with limited pricing pressures, partially offset by favourable
operating cost reductions and discipline. Operating profit margin was 9.0%.
Americas' rolling twelve-month NPS was 65.2, an increase from 64.8 in 2023/24
reflecting steady increases to the monthly scores from improved offerings and
processes. Our high NPS score reflects our strong customer experience with
fast response rates and high levels of consistent service.
Asia Pacific
2025 2024 Change Like-for-like(1) change
Revenue £219m £214m 2% 0%
Operating profit(2) £6m £5m 22% 43%
Operating profit margin(2) 2.8% 2.3% 0.5 pts 0.9 pts
Digital revenue(3) £118m £123m (4)% (2)%
Service solutions revenue(3) £47m £43m 8% 10%
RS PRO revenue(3) £34m £33m 2% 3%
1. Like-for-like adjusted for currency and to exclude the
impact of acquisitions; revenue also adjusted for trading days.
2. See Note 2 for reconciliation to Group operating profit.
Regional operating profit has been restated in the prior period as shown in
Note 2.
3. See Note 2 for disaggregation of revenue analysis and
reconciliations to region's revenue.
Asia Pacific's revenue increased by 2% benefiting from the acquisition of
Trident and more working days. Like-for-like revenue was flat with improved
momentum and signs of recovery across most markets in the second half.
Southeast Asia accounts for 32% of regional revenue and is, for the first
time, our largest sub-region by revenue. Performance accelerated in the second
half to deliver high single-digit revenue growth as we focused on larger
corporate customers, marketing RS PRO, a strong reception to our e-Procurement
solution push and the expansion of our network of fulfilment centres and
inventory capacity. Our services strategy has been effective in adding value
and capturing market share and delivering strong growth. We have expanded our
product offer through enhanced vendor management capabilities and are sourcing
more products locally to reduce freight costs.
Australia and New Zealand (35% of region's revenue) saw a slight like-for-like
revenue decline reflecting the challenging economic environment with large
corporate customers' performance most impacted. Macroeconomic indicators
including PMI showed improvement in the fourth quarter, with revenue
performance strengthening. The acquisition of Trident in Perth, Australia in
April 2024 expands our service capability, local fulfilment centre capacity
and opens opportunities with customers in the resources sector which delivered
strong growth.
Greater China (22% of the region's revenue) performance strengthened as the
market showed signs of recovery despite a higher exposure to the electronics
markets and intensified US sanctions; like-for-like revenue growth was flat.
China ended the year in growth due to our improved industrial offer, high
lifetime value customer focus and increased RS PRO traction which offset the
significant loss of electronics business as an impact of the sanctions placed
on Chinese customers.
Suppressed market demand has continued to impact Japan and Korea which saw
like-for-like revenue decline. Positively, RS PRO and our eProcurement
solution both performed well.
Digital like-for-like revenue declined mainly impacted by web performance,
particularly in Greater China, Japan and Korea due to local digital
infrastructure challenges and weaker electronics' market demand. However, our
eProcurement performance grew by high single-digit percentage.
RS PRO like-for-like revenue outperformed the region, supported by an enhanced
go-to-market strategy, including targeted product marketing campaigns and
focused product range catalogues.
Our gross margin improved by 0.5 percentage points like-for-like due to
effective cashflow hedging processes and lower inventory provisions.
Operating costs were flat like-for-like, benefitting from restructuring
initiatives in adjusting our cost base in the prior year partially offset by
the continued investment in growth initiatives focusing on customer
experience, digital marketing campaigns and local fulfilment capacity.
The operating profit margin increased by 0.9 percentage points on a
like-for-like basis, reflecting favourable gross margin drop-through and
operational cost efficiencies we delivered to improve the region's profit
conversion.
Asia Pacific's rolling 12-month NPS score declined 2.8 points to 19.0 compared
with 2023/24. As with EMEA, the decline was anticipated and reflects the
implementation of our new product tracking system which had a temporary and
small impact on order fulfilment scheduling. We expect the monthly NPS score
to increase when Release 2 of our product tracking is rolled out which makes
availability and delivery information much more accurate and visible to the
customer.
FINANCIAL REVIEW
Net finance costs
Net finance costs were £27 million, down from £32 million in 2023/24 mainly
due to the full-year impact of reduced net debt. At 31 March 2025, 34% of the
Group's gross borrowings excluding lease liabilities (2023/24: 26%) was at
fixed rates, with surplus cash deposited at variable rates.
Profit before tax
Profit before tax declined 15% to £206 million. Adjusted profit before tax
was down 10% to £248 million, down 7% on a like-for-like basis.
Taxation
The Group's income tax charge was £54 million (2023/24: £64 million). The
adjusted income tax charge, which excludes the impact of tax relief on items
excluded from adjusted profit before tax, was £64 million (2023/24: £72
million), resulting in an effective tax rate of 25.8% on adjusted profit
before tax (2023/24: 26.2%). Going forward, we expect the full-year 2025/26
effective tax rate on adjusted profit before tax to be c. 26.0%.
Earnings per share
Earnings per share declined by 14% to 32.5p. Adjusting for items excluded from
adjusted profit and associated income tax effects, adjusted earnings per share
of 39.1p declined 6% on a like-for-like basis.
Cash flow
Adjusted operating cash flow conversion improved to 111%, significantly
exceeding our target rate of over 80%. Cash generated from operations was
£349 million (2023/24: £301 million). A £63 million improvement in adjusted
free cash flow benefitted from actively managed working capital including a c.
£20 million one-off reduction in receivables in EMEA and focused capital
expenditure, which mitigated lower EBITDA.
Net capital expenditure was £49 million as we continued to invest in
optimising our distribution network, launching a new product management
solution, augmenting digital commerce capabilities and strengthening our
technology platforms. As a result, capital expenditure was at 1.2 times
depreciation (2023/24: 1.3 times), in line with our typical maintenance
capital expenditure levels of 1.0 - 1.5 times depreciation. We anticipate
capital expenditure in 2025/26 to be c. £50 million including strategic
investments in our warehouse management systems, additional distribution
capabilities in Italy and Ireland and other system upgrades.
Net interest paid decreased by £2 million to £29 million due to a reduction
in net debt resulting from strong operating cash generation due to the
improvement in working capital and lease disposals as part of Distrelec
integration.
Adjusted free cash flow increased to £214 million. Whilst some one-off cash
benefits are expected not to repeat, we remain committed to conserving cash
whilst ensuring we continue to invest in our business to enable a swift
recovery when the economic conditions improve.
Intangible assets
Intangible assets have decreased from £983 million at March 2024 to £899
million (see Note 6), with translation differences driving £60 million of the
decrease. Goodwill of £6 million was recognised on the acquisition of
Trident, there were additions of £33 million and an amortisation charge and
impairment cost for the year totalling £64 million. Of the impairment cost,
£11 million related to the impairment of customer relationships and software
that were part of the acquisition of IESA (now RS Integrated Supply EMEA),
where the value in use was less than the carrying value of the assets.
Working capital
Working capital as a percentage of revenue improved and was 1.1 percentage
points lower year on year at 23.9%, reflecting the improvement in working
capital management.
Trade and other receivables have decreased by £13 million to £689 million.
The collection of receivables is our greatest short-term liquidity
sensitivity, and we continue to manage our exposure through tight credit
policies, proactive monitoring and collections.
Inventories were £617 million, decreasing by £20 million. Our inventory turn
of 2.7 times is 0.1 times higher (2023/24 2.6 times). Inventory provisions
were in line with 2023/24 (restated - see Note 12 for further details) at
£87million, representing a slight increase in the overall provision rate from
12.0% to 12.3%.
Overall trade and other payables increased by £8 million to £611 million
from £603 million in 2023/24.
Looking forward, we continue to manage our working capital position actively
and optimising cash conversion is a key area of focus. We remain focused on
receivables collection. We will continue to seek to manage our inventory
levels to take account of changing demand dynamics and supply chain behaviour,
whilst anticipating our customers' expectations. We will continue to invest in
the right inventory to ensure that we remain well positioned to maintain
service levels and deliver strong growth as markets recover. We pay our
suppliers to terms and continue to work with some of our larger suppliers to
improve terms where possible.
Net debt
Our net debt has decreased to £364 million from £418 million (see Note 9).
This was due to a reduction in lease liabilities following the disposal of the
Distrelec DC lease and partial repayment of the multicurrency revolving
facility as we generated strong operating cash flow.
The £400 million multicurrency revolving facility, the €150 million term
loan and the private placement loan notes form our committed debt facilities
of £679 million, down from £685 million last year due to the impact of
exchange rates, of which £287 million was undrawn at 31 March 2025 (2023/24:
£245 million undrawn). In October 2024, our request to take up a one-year
term extension to the multicurrency revolving facility was approved by the
lenders and so this facility now matures in October 2029. We have also
extended the €150 million term loan end date from April 2026 to October
2028.
The Group's financial metrics, as set out in the Alternative Performance
Measures in Note 11, remain strong, with net debt to adjusted EBITDA of 1.1x
and EBITA to interest of 10.9x, leaving significant headroom for the Group's
banking covenants of net debt to adjusted EBITDA less than 3.25 times and
EBITA to interest greater than 3 times.
Return on Capital Employed (ROCE)
ROCE is the adjusted operating profit for the 12 months ended 31 March 2025,
expressed as a percentage of the monthly average capital employed (net assets
excluding net debt and retirement benefit obligations). ROCE was 15.2%
compared to 17.1% last year. The decrease is predominantly driven by decline
in adjusted operating profit (1.9 percentage points). The negative impact of
recent acquisitions (0.8 percentage points) was fully offset by a lower level
of capital employed.
Retirement benefit obligations
Overall, the retirement benefit net obligations of the Group's defined benefit
schemes at 31 March 2025 were £14 million compared to £26 million at 31
March 2024 due mainly to the additional annual £11 million deficit
contributions in respect of the previous triennial valuation. The UK defined
benefit scheme (our largest scheme) had a net obligation of £5 million under
International Accounting Standard 19 'Employee Benefits', reflecting the
present value of the agreed future deficit contributions agreed following the
March 2022 triennial funding valuation and payable to September 2025.
Dividend
The Board intends to continue to pursue a progressive dividend policy whilst
remaining committed to a healthy dividend cover over time by driving improved
results and stronger cash flow. The Board proposes a final dividend at 13.9p
per share. This will be paid on 25 July 2025 to shareholders on the register
on 13 June 2025. As a result, the total proposed dividend for 2024/25 will be
22.4p per share, representing an increase of 2% over the 2023/24 full-year
dividend. Adjusted earnings dividend cover for 2024/25 is 1.7 times.
Foreign exchange risk
The Group does not hedge translation exposure on the income statements of
overseas subsidiaries. Based on the mix of non-sterling denominated revenue
and adjusted operating profit, a one cent movement in the euro would impact
annual adjusted profit before tax by £1.7 million and a one cent movement in
the US dollar would impact annual adjusted profit before tax by £0.5 million.
During the year, there were foreign exchange losses arising on translation of
£84 million, recognised within Other Comprehensive Income, of which £60
million related to the translation of intangible assets as set out in Note 6.
These losses were then offset by £7 million gains on net investment hedges.
The Group is also exposed to foreign currency transactional risk because most
operating companies have some level of payables in currencies other than their
functional currency. Some operating companies also have receivables in
currencies other than their functional currency. Group Treasury maintains
three to seven months hedging against freely tradable currencies to smooth the
impact of fluctuations in currency. The Group's largest exposures relate to
euros and US dollars.
2030 ESG ACTION PLAN - NON-FINANCIAL KEY PERFORMANCE INDICATORS (KPIs)
We have eight reported non-financial KPIs to measure progress against the
commitments of our 2030 ESG action plan - For a Better World. To provide
greater transparency on our performance in the period, a summary of our
progress is included below with further details available in the ESG section
on our website: www.rsgroup.com (http://www.rsgroup.com)
/sustainability.
2025 2024
Carbon intensity (1,2,3) 2.2 2.4
(tonnes of CO(2)e due to Scope 1 and 2 emissions / £m revenue)
Carbon emissions(1,2,3) 6,500 6,800
(tonnes of CO(2)e due to Scope 1 and 2 emissions)
Packaging intensity(1,2) (tonnes / £m revenue) 1.55 1.61
Waste(1) (% of waste recycled) 84% 82%
Group rolling 12-month Net Promoter Score (NPS) 48.5 50.6
Employee engagement 72 75
Percentage of management that are women 37% 34%
All accidents (per 200,000 hours) 0.44 0.37
1. Includes post-acquisition data from businesses acquired in
2023/24 and 2024/25.
2. KPI is on a constant exchange rate basis and updated to
reflect changes in reporting methodology and emissions factors.
3. Scope 2 market-based emissions calculated with electricity
purchased from renewable sources at zero CO2e per kWh and residual-mix CO2e
per kWh for all other sources.
RISKS AND UNCERTAINTIES
The Board has overall accountability for the Group's risk management, which is
delegated to the ExCo and supported by the Group's risk team. The principal
elements of the process are: identifying potential risks, assessing the risk,
determining and treating the risk and then monitoring and reviewing these
risks.
The Group has a defined risk appetite, which has been agreed by ExCo and the
Board.
Principal risks and uncertainties
The principal risks and mitigations to be disclosed in the 2025 Annual Report
and Accounts (pages 36 to 42) are:
1. Cyber security
2. Geopolitical and macroeconomic environment
3. Legal and regulatory compliance
4. Business resilience
5. Change initiatives
6. Talent and capability
7. Market disruption
8. Climate change
9. M&A activity
FORWARD-LOOKING STATEMENTS
This financial report contains certain statements, statistics and projections
that are or may be forward-looking. The accuracy and completeness of all such
statements, including, without limitation, statements regarding the future
financial position, strategy, projected costs, plans and objectives for the
management of future operations of RS Group plc and its subsidiaries is not
warranted or guaranteed. These statements typically contain words such as
"may", "will", "should", "project", "intends", "expects", "anticipates",
"estimates" and words of similar import are forward looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur in the
future. Although RS Group plc believes that the expectations reflected in such
statements are reasonable, no assurance can be given that such expectations
will prove to be correct. There are a number of factors, which may be beyond
the control of RS Group plc, which could cause actual results and developments
to differ materially from those expressed or implied by such forward-looking
statements. Other than as required by applicable law or the applicable rules
of any exchange on which our securities may be listed, RS Group plc has no
intention or obligation to update forward-looking statements contained herein.
GROUP INCOME STATEMENT
For the year ended 31 March 2025
2025 2024
restated(1)
Notes £m £m
Revenue 2 2,903.5 2,942.4
Cost of sales (1,660.3) (1,684.1)
Gross profit 1,243.2 1,258.3
Operating costs (1,010.4) (983.8)
Operating profit 2 232.8 274.5
Finance income 4.7 4.8
Finance costs (32.0) (36.7)
Share of profit of joint venture 0.6 0.6
Profit before tax 2 206.1 243.2
Income tax expense (53.5) (63.8)
Profit for the year attributable to owners of the Company 152.6 179.4
Earnings per share attributable to owners of the Company
Basic 3 32.5p 37.9p
Diluted 3 32.5p 37.8p
1. Please refer to Note 12 for further details of the restatement.
GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
2025 2024
restated(1)
£m £m
Profit for the year 152.6 179.4
Other comprehensive income/(expense)
Items that will not be reclassified subsequently to the income statement
Remeasurement of retirement benefit obligations 1.5 0.8
Related income tax (0.3) (0.1)
Items that may be reclassified subsequently to the income statement
Foreign exchange translation differences of joint venture (0.1) (0.2)
Foreign exchange translation differences (84.1) (3.6)
Fair value gain on net investment hedges 6.6 3.4
Movement in cash flow hedges 1.4 (0.1)
Related income tax (0.2) -
Other comprehensive expense for the year (75.2) 0.2
Total comprehensive income for the year 77.4 179.6
Total comprehensive income is attributable to:
Owners of the Company 77.5 179.7
Non-controlling interests (0.1) (0.1)
Total comprehensive income for the year 77.4 179.6
1. Please refer to Note 12 for further details of the restatement.
GROUP BALANCE SHEET
As at 31 March 2025
2025 2024 2023
restated(1) restated(1)
Notes £m £m £m
Non-current assets
Intangible assets 6 898.9 982.6 704.8
Property, plant and equipment 176.7 180.9 186.3
Right-of-use assets 54.3 72.8 46.9
Investment in joint venture 1.2 1.3 1.5
Other receivables 4.6 8.4 6.5
Retirement benefit net assets 5 2.5 1.5 0.8
Deferred tax assets 11.1 9.5 6.9
Total non-current assets 1,149.3 1,257.0 953.7
Current assets
Inventories 7 617.3 637.4 603.1
Trade and other receivables 8 688.5 701.4 692.0
Cash and cash equivalents - cash and short-term deposits 9 147.7 258.7 260.3
Derivative assets 1.9 2.6 1.8
Current income tax receivables 15.9 22.7 19.9
Total current assets 1,471.3 1,622.8 1,577.1
Total assets 2,620.6 2,879.8 2,530.8
Current liabilities
Trade and other payables (611.0) (602.7) (658.9)
Cash and cash equivalents - bank overdrafts 9 (41.7) (162.7) (139.8)
Borrowings (23.5) - -
Lease liabilities 9 (15.5) (16.0) (14.6)
Derivative liabilities (1.8) (1.1) (1.7)
Provisions (5.0) (5.0) (1.8)
Current income tax liabilities (17.9) (27.8) (22.1)
Total current liabilities (716.4) (815.3) (838.9)
Non-current liabilities
Other payables (7.4) (17.3) (9.3)
Retirement benefit obligations 5 (16.4) (27.2) (37.2)
Borrowings 9 (390.0) (440.3) (184.6)
Lease liabilities 9 (41.2) (57.9) (34.3)
Provisions (3.1) (4.2) (4.7)
Deferred tax liabilities (91.6) (98.7) (86.9)
Total non-current liabilities (549.7) (645.6) (357.0)
Total liabilities (1,266.1) (1,460.9) (1,195.9)
Net assets 1,354.5 1,418.9 1,334.9
Equity
Share capital and share premium 287.1 286.9 283.3
Own shares held by Employee Benefit Trust (EBT) (42.3) (1.8) (2.2)
Other reserves 32.0 108.9 109.1
Retained earnings 1,077.2 1,024.3 944.0
Equity attributable to owners of the Company 1,354.0 1,418.3 1,334.2
Non-controlling interests 0.5 0.6 0.7
Total equity 1,354.5 1,418.9 1,334.9
1. Please refer to Note 12 for further details of the restatement.
GROUP CASH FLOW STATEMENT
For the year ended 31 March 2025
2025 2024
restated(1)
Notes £m £m
Cash flows from operating activities
Profit before tax 206.1 243.2
Depreciation and amortisation 85.4 83.7
Impairment of intangible assets 12.8 4.6
Impairment of property, plant and equipment 0.4 -
Impairment of right-of-use assets - 0.4
Loss on disposal of non-current assets 0.1 1.6
Equity-settled share-based payments 9.9 7.8
Net finance costs 27.3 31.9
Share of profit of and dividends received from joint venture - -
Decrease in inventories 7.6 10.5
(Increase) decrease in trade and other receivables (2.0) 8.1
Increase (decrease) in trade and other payables 12.3 (82.2)
(Decrease) increase in provisions (0.4) 1.1
Defined benefit retirement contributions in excess of charge (10.7) (9.8)
Cash generated from operations 348.8 300.9
Interest received 4.7 4.8
Interest paid (34.0) (35.8)
Income tax paid (60.4) (73.3)
Net cash from operating activities 259.1 196.6
Cash flows from investing activities
Acquisition of businesses 10 (8.4) (313.1)
Cash and cash equivalents acquired with businesses 10 - 9.0
Total cash impact on acquisition of businesses (8.4) (304.1)
Purchase of intangible assets (33.1) (35.7)
Purchase of property, plant and equipment (16.2) (15.9)
Proceeds on sale of property, plant and equipment - -
Net cash used in investing activities (57.7) (355.7)
Cash flows from financing activities
Proceeds from the issue of share capital 0.2 3.6
Purchase of own shares by EBT (46.5) (1.5)
Net (decrease)/increase in revolving facility and short-term loans(2) 9 (42.3) 130.2
Other loans drawn down(2) 9 24.0 131.7
Other loans repaid(2) 9 (0.4) (2.5)
Principal elements of lease payments 9 (15.7) (18.5)
Dividends paid 4 (104.7) (104.1)
Net cash (used in)/generated from financing activities (185.4) 138.9
Net increase/(decrease) in cash and cash equivalents 16.0 (20.2)
Cash and cash equivalents at the beginning of the year 96.0 120.5
Effects of exchange rate changes (6.0) (4.3)
Cash and cash equivalents at the end of the year 9 106.0 96.0
1. Please refer to Note 12 for further details of the restatement.
2. Cash flows relating to borrowings eligible for net presentation are now
presented within the line "net (decrease)/increase in revolving facility and
short-term loans". The 2023/24 comparative of £130.2 million consists of
inflow of £155.0 million
re-presented from "other loans drawn down" and outflow of £24.8 million
re-presented from "other loans repaid".
GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025
Attributable to owners of the Company
Share capital and share premium Own shares held by EBT Other reserves Retained earnings Total Non-controlling interests Total equity
£m £m £m £m £m £m £m
At 1 April 2023 (as reported) 283.3 (2.2) 108.8 954.3 1,344.2 0.7 1,344.9
Effect of prior period restatement (Note 12) - - 0.3 (10.3) (10.0) - (10.0)
At 1 April 2023 (restated)(1) 283.3 (2.2) 109.1 944.0 1,334.2 0.7 1,334.9
Profit for the year (as reported) - - - 183.7 183.7 - 183.7
Prior period restatement (Note 12) - - - (4.3) (4.3) - (4.3)
Profit for the year (restated)(1) - - - 179.4 179.4 - 179.4
Other comprehensive income/(expense) (as reported) - - (0.7) 0.7 - (0.1) (0.1)
Prior period restatement (Note 12) - - 0.3 - 0.3 - 0.3
Other comprehensive income/(expense) (as restated(1)) - - (0.4) 0.7 0.3 (0.1) 0.2
Total comprehensive income/(expense) (restated)(1) - - (0.4) 180.1 179.7 (0.1) 179.6
Cash flow hedging gains transferred to inventories - - (1.6) - (1.6) - (1.6)
Cash flow hedging losses transferred to acquisition purchase price - - 1.8 - 1.8 - 1.8
Dividends (Note 4) - - - (104.1) (104.1) - (104.1)
Equity-settled share-based payments - - - 7.8 7.8 - 7.8
Settlement of share awards 3.6 1.9 - (1.9) 3.6 - 3.6
Purchase of own shares by EBT - (1.5) - - (1.5) - (1.5)
Tax on equity-settled share-based payments - - - (1.6) (1.6) - (1.6)
At 31 March 2024 (restated)(1) 286.9 (1.8) 108.9 1,024.3 1,418.3 0.6 1,418.9
Profit for the year - - - 152.7 152.7 (0.1) 152.6
Other comprehensive income/(expense) - - (76.4) 1.2 (75.2) - (75.2)
Total comprehensive income/(expense) - - (76.4) 153.9 77.5 (0.1) 77.4
Cash flow hedging gains transferred to inventories - - (0.6) - (0.6) - (0.6)
Tax on cash flow hedging transferred to inventories - - 0.1 - 0.1 - 0.1
Dividends (Note 4) - - - (104.7) (104.7) - (104.7)
Equity-settled share-based payments - - - 9.4 9.4 - 9.4
Settlement of share awards 0.2 6.0 - (5.5) 0.7 - 0.7
Purchase of own shares by EBT - (46.5) - - (46.5) - (46.5)
Tax on equity-settled share-based payments - - - (0.2) (0.2) - (0.2)
At 31 March 2025 287.1 (42.3) 32.0 1,077.2 1,354.0 0.5 1,354.5
1. Please refer to Note 12 for further details of the restatement.
NOTES TO THE PRELIMINARY ACCOUNTS
1. Basis of preparation
The financial information contained in this release does not constitute the
Company's statutory accounts for the years ended 31 March 2025 or 31 March
2024 but is derived from those accounts. The accounts are prepared in
accordance with UK-adopted international accounting standards (UK IAS) and the
requirements of the Companies Act 2006. None of the new accounting standards,
amendments or revisions to existing standards or interpretations which have
become effective have had a material impact on the reported results or
financial position of the Group. Statutory accounts for the year ended 31
March 2024 have been delivered to the Registrar of Companies and those for the
year ended 31 March 2025 will be delivered following the Company's Annual
General Meeting. The auditors appointed in respect of each of the financial
years have reported on these sets of accounts. Their reports were unqualified,
did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report and did not
contain any statement under sections 498(2) or 498(3) of the Companies Act
2006. The accounts for the year ended 31 March 2025 were approved by the Board
of Directors on 20 May 2025.
2. Segmental reporting
The Group's operating segments comprise three regions: EMEA, Americas and Asia
Pacific.
During the first half of the year the Group reviewed the methodology for the
allocation of central costs which has resulted in an increased level of costs
apportioned to the regions and a lower level of central costs, and the prior
year's segmental operating profits and central costs have been restated below.
The level of costs reallocated from / (to) central costs to / (from) the
regions as a result of the change was £37.7 million (EMEA: £32.3 million;
Americas: £6.6 million; partially offset by Asia Pacific: (£1.2 million)) in
the year ended 31 March 2024.
Due to a prior period error, there is an additional restatement of the prior
year. Further details can be found in Note 12.
EMEA Americas Asia Pacific Group
£m £m £m £m
Year ended 31 March 2025
Revenue from external customers 1,777.3 907.4 218.8 2,903.5
Segmental operating profit 200.5 81.6 6.1 288.2
Central costs (14.0)
Adjusted operating profit 274.2
Amortisation and impairment of acquired intangibles (37.3)
Acquisition-related items (4.1)
Operating profit 232.8
Net finance costs (27.3)
Share of profit of joint venture 0.6
Profit before tax 206.1
Year ended 31 March 2024 (restated)
Revenue from external customers 1,794.8 933.7 213.9 2,942.4
Segmental operating profit 223.4 89.2 5.0 317.6
Central costs (11.4)
Adjusted operating profit 306.2
Amortisation and impairment of acquired intangibles (26.6)
Acquisition-related items (5.1)
Operating profit 274.5
Net finance costs (31.9)
Share of profit of joint venture 0.6
Profit before tax 243.2
2. Segmental reporting (continued)
In the table below, revenue is disaggregated by sales channels, by own-brand
products or other product and service solutions, and also by service solutions
or other. Service solutions includes procurement solutions, maintenance
solutions and other solutions. The Group's largest own-brand is RS PRO.
£2,805.2 million of revenue is recognised at a point in time (2023/24:
£2,850.7 million) and £98.3 million over time (2023/24: £91.7 million).
Sales channels, brands and service solutions
During the year the Group reviewed what it classes as digital revenue which
has resulted in an overall increase to digital revenue and corresponding
decrease to offline revenue in EMEA for the year ended 31 March 2024 of £18.4
million, and in Americas a decrease in digital revenue and a corresponding
increase in offline revenue of £18.5 million. The Group has also reviewed its
categorisation of service solutions revenue, which has resulted in a decrease
in service solutions revenue in Americas of £11.2 million in the year ended
31 March 2024. The information below reflects the new classifications.
Sales channel
EMEA Americas Asia Pacific Group
£m £m £m £m
Year ended 31 March 2025
Web 851.2 269.5 81.9 1,202.6
eProcurement and other digital 479.1 35.7 36.5 551.3
Digital 1,330.3 305.2 118.4 1,753.9
Offline 447.0 602.2 100.4 1,149.6
Revenue 1,777.3 907.4 218.8 2,903.5
Year ended 31 March 2024 (restated)
Web 881.1 281.6 88.5 1,251.2
eProcurement and other digital 459.6 36.1 34.6 530.3
Digital 1,340.7 317.7 123.1 1,781.5
Offline 454.1 616.0 90.8 1,160.9
Revenue 1,794.8 933.7 213.9 2,942.4
Own-brand / other products and service solutions
EMEA Americas Asia Pacific Group
£m £m £m £m
Year ended 31 March 2025
Own-brand product and service solutions 359.6 7.1 33.7 400.4
Other product and service solutions 1,417.7 900.3 185.1 2,503.1
Revenue 1,777.3 907.4 218.8 2,903.5
Year ended 31 March 2024
Own-brand product and service solutions 364.9 6.7 33.2 404.8
Other product and service solutions 1,429.9 927.0 180.7 2,537.6
Revenue 1,794.8 933.7 213.9 2,942.4
Service solutions / other
EMEA Americas Asia Pacific Group
£m £m £m £m
Year ended 31 March 2025
Service solutions 557.1 133.7 46.7 737.5
Other 1,220.2 773.7 172.1 2,166.0
Revenue 1,777.3 907.4 218.8 2,903.5
Year ended 31 March 2024 (restated)
Service solutions 532.3 121.6 43.4 697.3
Other 1,262.5 812.1 170.5 2,245.1
Revenue 1,794.8 933.7 213.9 2,942.4
3. Earnings per share
2025 2024
restated(1)
Number Number
Weighted average number of shares 470,022,152 473,300,106
Dilutive effect of share-based payments 214,829 781,177
Diluted weighted average number of shares 470,236,981 474,081,283
Basic earnings per share 32.5p 37.9p
Diluted earnings per share 32.5p 37.8p
(1.) Please refer to Note 12 for further details of the restatement.
4. Dividends
2025 2024
£m £m
Final dividend for the year ended 31 March 2024 - 13.7p (2023: 13.7p) 64.9 64.8
Interim dividend for the year ended 31 March 2025 - 8.5p (2024: 8.3p) 39.8 39.3
104.7 104.1
The trustees of the EBT have waived their right to receive dividends and this
amounts to £0.8 million (2023/24: £nil).
A proposed final dividend for the year ended 31 March 2025 of 13.9p is subject
to approval by shareholders at the Annual General Meeting on 17 July 2025 and
the estimated amount to be paid of £65.1 million has not been included as a
liability in these accounts. This will be paid on 25 July 2025 to shareholders
on the register on 13 June 2025 with an ex-dividend date of 12 June 2025.
5. Retirement benefit obligations
The Group operates defined benefit schemes in the United Kingdom and Europe.
2025 2024
£m £m
Fair value of scheme assets 432.9 452.0
Present value of defined benefit obligations (379.3) (421.8)
Effect of asset ceiling / onerous liability (67.5) (55.9)
Retirement benefit net obligations (13.9) (25.7)
Amount recognised on the balance sheet - liability (16.4) (27.2)
Amount recognised on the balance sheet - asset 2.5 1.5
A change would have the following increase / (decrease) on the UK defined
benefit obligations as at 31 March 2025:
Increase in assumption Decrease in assumption
£m £m
Effect on obligation of a 0.5 pts change to the assumed discount rate (19.8) 21.9
Effect on obligation of a 0.25 pts change in the assumed inflation rate 9.5 (9.2)
Effect on obligation of a change of one year in assumed life expectancy 8.9 (8.9)
6. Intangible assets
Goodwill Other intangibles Total
£m £m £m
Cost 463.3 546.2 1,009.5
At 1 April 2023
Acquired with businesses 182.3 106.2 288.5
Additions - 35.6 35.6
Disposals - (1.0) (1.0)
Translation differences 0.7 5.0 5.7
At 31 March 2024 646.3 692.0 1,338.3
Acquired with businesses 5.9 0.5 6.4
Additions - 33.0 33.0
Disposals - (2.4) (2.4)
Reclassifications - 3.0 3.0
Translation differences (35.8) (29.0) (64.8)
At 31 March 2025 616.4 697.1 1,313.5
Amortisation - 304.7 304.7
At 1 April 2023
Charge for the period - 48.2 48.2
Impairment losses - 4.6 4.6
Disposals - (0.8) (0.8)
Translation differences - (1.0) (1.0)
At 31 March 2024 - 355.7 355.7
Charge for the period - 50.7 50.7
Impairment losses - 12.8 12.8
Disposals - (2.1) (2.1)
Reclassifications - 2.4 2.4
Translation differences - (4.9) (4.9)
At 31 March 2025 - 414.6 414.6
Net book value
At 31 March 2025 616.4 282.5 898.9
At 31 March 2024 646.3 336.3 982.6
During the year the customer contracts, relationships and distribution
agreements were assessed for impairment. As a result of the recoverable
amount being lower than the asset carrying values, the asset related to the
acquisition of IESA was fully impaired, with an impairment cost of £10.9
million. In addition, £0.4 million of software acquired with IESA and other
software of £1.5 million were also impaired.
7. Inventories
2025 2024 2023
restated(1) restated(1)
£m £m £m
Gross inventories 704.1 724.3 659.7
Inventory provisions (86.8) (86.9) (56.6)
Net inventories 617.3 637.4 603.1
(1.) Please refer to Note 12 for further details of the restatement.
8. Trade and other receivables
2025 2024
£m £m
Gross trade receivables 615.9 624.0
Impairment allowance (11.5) (11.1)
Net trade receivables 604.4 612.9
Other receivables (including prepayments and accrued income) 84.1 88.5
Trade and other receivables 688.5 701.4
Trade receivables are written off when there is no reasonable expectation of
recovery, for example when a customer enters liquidation or the Group agrees
with the customer to write off an outstanding invoice. During the year £4.2
million was recognised as a loss from the impairment of trade receivables
(2023/24: £3.4 million).
9. Net debt
2025 2024
£m £m
Cash and short-term deposits 147.7 258.7
Bank overdrafts (41.7) (162.7)
Cash and cash equivalents 106.0 96.0
Non-current private placement loan notes (153.2) (157.1)
Non-current multicurrency revolving facility (112.6) (155.0)
Non-current term loan (124.2) (128.2)
Unsecured bank facility repayable within one year (23.5) -
Current lease liabilities (15.5) (16.0)
Non-current lease liabilities (41.2) (57.9)
Net debt (364.2) (418.2)
The £400 million multicurrency revolving facility has a maturity of October
2029 and the €150 million term loan has a maturity of October 2028.
Movements in net debt were:
Borrowings Lease liabilities Total liabilities from financing activities Cash and cash equivalents Net debt
£m £m £m £m £m
Net debt at 1 April 2023 (184.6) (48.9) (233.5) 120.5 (113.0)
Cash flows (259.4) 18.5 (240.9) (20.2) (261.1)
Acquired with businesses - (28.5) (28.5) - (28.5)
Net lease additions - (15.2) (15.2) - (15.2)
Translation differences 3.7 0.2 3.9 (4.3) (0.4)
Net debt at 31 March 2024 (440.3) (73.9) (514.2) 96.0 (418.2)
Cash flows 18.7 15.7 34.4 16.0 50.4
Acquired with businesses - (2.3) (2.3) - (2.3)
Net lease disposals - 3.1 3.1 - 3.1
Translation differences 8.1 0.7 8.8 (6.0) 2.8
At 31 March 2025 (413.5) (56.7) (470.2) 106.0 (364.2)
10. Acquisitions
On 2 April 2024 the Group acquired 100% of the issued share capital of Trident
Australia Pty Ltd, a specialist MRO distribution and rental, calibration and
mechanical services partner for the energy and natural resource industry in
Australia. Trident adds to the Group's Australian presence by increasing the
Group's access to the energy and natural resources sector with associated
customer and product synergies and provides distribution infrastructure and
service capacity in Western Australia. The goodwill is attributable to the
revenue synergies which are expected to arise from combining Trident's
established presence in Western Australia and its highly specialised services
for customers in the energy sector with the Group's global customer base and
range of complementary products.
The fair value of the net assets acquired, consideration paid and goodwill
arising, plus transaction costs and contribution to the Group's results since
acquisition were:
£m
Intangible assets - customer relationships 0.5
Property, plant and equipment 1.8
Right-of-use assets 2.4
Inventories (gross £2.0 million less provisions of £1.3 million) 0.7
Current trade and other receivables 1.8
Current trade and other payables (1.1)
Current lease liabilities (0.3)
Non-current lease liabilities (2.0)
Non-current other provisions (0.1)
Current income tax liabilities (0.1)
Deferred tax liabilities (0.8)
Net assets acquired 2.8
Goodwill 5.9
Consideration paid - cash 8.2
Contingent consideration payable 0.5
Total consideration 8.7
11. Alternative Performance Measures (APMs)
The Group uses a number of APMs in addition to those measures reported in
accordance with UK IAS. Such APMs are not defined terms under UK IAS and are
not intended to be a substitute for any UK IAS measure. The Directors believe
that the APMs are important when assessing the financial and operating
performance of the Group. The APMs are used internally for performance
analysis and in employee incentive arrangements, as well as in discussions
with the investment analyst community.
The APMs improve the comparability of information between reporting periods by
adjusting for factors such as fluctuations in foreign exchange rates, number
of trading days and items, such as reorganisation costs, that are substantial
in scope and impact and do not form part of operational or management
activities that the Directors would consider when assessing performance. The
Directors also believe that excluding recent acquisitions and
acquisition-related items aids comparison of the performance between reporting
periods and between businesses with similar assets that were internally
generated.
11. Alternative Performance Measures (APMs) (continued)
Adjusted profit measures
These are the equivalent UK IAS measures adjusted to exclude amortisation and
impairment of intangible assets arising on acquisition of businesses,
acquisition-related items, substantial reorganisation costs, substantial asset
write-downs, one-off pension credits or costs, significant tax rate changes
and, where relevant, associated income tax effects. Adjusted profit before tax
is a performance measure for the annual incentive and the all employee Long
Term Incentive Plan (LTIP) called the RS YAY! Award. Adjusted earnings per
share is a performance measure for the LTIP and Journey to Greatness (J2G)
LTIP award. Adjusted operating profit conversion, adjusted operating profit
margin and adjusted earnings per share are financial key performance
indicators (KPIs) which are used to measure the Group's progress in delivering
the successful implementation of its strategy and monitor and drive its
performance.
Operating profit Operating profit margin(1) Operating profit conversion(2) Profit before tax Profit for the year Basic earnings per share Diluted earnings per share
£m % % £m £m p p
Year ended 31 March 2025
Reported 232.8 8.0% 18.7% 206.1 152.6 32.5p 32.5p
Amortisation and impairment of acquired intangibles 37.3 37.3 28.0 6.0p 6.0p
Acquisition-related items 4.1 4.1 3.0 0.6p 0.6p
Adjusted 274.2 9.4% 22.1% 247.5 183.6 39.1p 39.1p
Year ended 31 March 2024 restated(3)
Reported 274.5 9.3% 21.8% 243.2 179.4 37.9p 37.8p
Amortisation of acquired intangibles 26.6 26.6 19.8 4.2p 4.2p
Acquisition-related items 5.1 5.1 3.8 0.8p 0.8p
Adjusted 306.2 10.4% 24.3% 274.9 203.0 42.9p 42.8p
((1)) Operating profit margin is operating profit expressed as a percentage of
revenue.
((2)) Operating profit conversion is operating profit expressed as a
percentage of gross profit.
((3)) Please refer to Note 12 for further details of the restatement.
Acquisition-related items comprise transaction costs directly attributable to
the acquisition of businesses, any deferred consideration payments relating to
the retention of former owners and key employees of acquired businesses
expensed as remuneration, adjustments to acquisition-related indemnification
assets and the related liabilities that result from events after the
acquisition date and any remeasurements of contingent consideration payable on
acquisition of businesses that result from events after the acquisition date.
Like-for-like revenue and profit measures
Like-for-like revenue and profit measures are adjusted to exclude the effects
of changes in exchange rates on translation of overseas profits. They exclude
acquisitions in the relevant years until they have been owned for a year, at
which point they start to be included in both the current and comparative
years for the same number of months. These measures enable management and
investors to track more easily, and consistently, the performance of the
business.
The principal exchange rates applied in preparing the Group accounts and in
calculating the following like-for-like measures are:
2025 2025 2024 2024
Average Closing Average Closing
US dollar 1.276 1.293 1.257 1.264
Euro 1.189 1.198 1.159 1.170
11. Alternative Performance Measures (APMs) (continued)
Like-for-like revenue change
Like-for-like revenue change is also adjusted to eliminate the impact of
trading days year on year. It is calculated by comparing the revenue of the
base business for the current year with the prior year converted at the
current year's average exchange rates and pro-rated for the same number of
trading days as the current year. It is a performance measure for the annual
incentive and a financial KPI.
£m
Revenue for 2024 2,942.4
Effect of exchange rates (65.9)
Effect of trading days 27.5
Revenue for 2024 at 2025 rates and trading days 2,904.0
2025 Less: acquisitions owned 2025 base business 2024 2024 at 2025 rates and trading days Like-for-like change
Group
<1 year
£m £m £m £m £m %
EMEA 1,777.3 41.1 1,736.2 1,794.8 1,788.0 (3)%
Americas 907.4 - 907.4 933.7 905.7 0%
Asia Pacific 218.8 8.5 210.3 213.9 210.3 0%
Revenue 2,903.5 49.6 2,853.9 2,942.4 2,904.0 (2)%
Gross margin and like-for-like gross margin change
Gross margin is gross profit expressed as a percentage of revenue.
Like-for-like change in gross margin is calculated by taking the difference
between gross margin for the base business for the current year and gross
margin for the prior year with reported revenue and reported gross profit
converted at the current year's average exchange rates.
2025 Less: acquisitions owned 2025 base business 2024 2024 restated(1) at 2025 rates Like-for-like change
Group
<1 year
restated(1)
£m £m £m £m £m pts
Revenue 2,903.5 49.6 2,853.9 2,942.4 2,876.5
Gross profit 1,243.2 22.5 1,220.7 1,258.3 1,233.2
Gross margin 42.8% 45.4% 42.8% 42.8% 42.9% (0.1) pts
((1)) Please refer to Note 12 for further details of the restatement.
Like-for-like profit change
Like-for-like change in profit is calculated by comparing the base business
for the current year with the prior year converted at the current year's
average exchange rates.
2025 Less: acquisitions owned 2025 base business 2024 2024 restated(1) at 2025 rates Like-for-like change
Group
<1 year
restated(1)
£m £m £m £m £m %
Segmental operating profit
EMEA 200.5 2.3 198.2 223.4 217.0 (9)%
Americas 81.6 - 81.6 89.2 85.4 (4)%
Asia Pacific 6.1 0.1 6.0 5.0 4.2 43%
Segmental operating profit 288.2 2.4 285.8 317.6 306.6 (7)%
Central costs (14.0) - (14.0) (11.4) (11.4) 23%
Adjusted operating profit 274.2 2.4 271.8 306.2 295.2 (8)%
Adjusted profit before tax 247.5 2.1 245.4 274.9 264.0 (7)%
Adjusted earnings per share 39.1p 0.4p 38.7p 42.9p 41.2p (6)%
Adjusted diluted earnings per share 39.1p 0.5p 38.6p 42.8p
((1)) Please refer to Note 12 for further details of the restatement.
11. Alternative Performance Measures (APMs) (continued)
Adjusted free cash flow and adjusted operating cash flow conversion
Adjusted free cash flow is net cash from operating activities less purchases
of intangible assets, property, plant and equipment plus any proceeds on sale
of intangible assets, property, plant and equipment, adjusted for the cash
impact of substantial reorganisation and acquisition-related items and is a
performance measure for the annual incentive.
Adjusted operating cash flow is adjusted free cash flow before income tax and
net interest paid. Adjusted operating cash flow conversion is adjusted
operating cash flow expressed as a percentage of adjusted operating profit and
is a financial KPI.
2025 2024
restated(1)
£m £m
Net cash from operating activities 259.1 196.6
Purchase of intangible assets (33.1) (35.7)
Purchase of property, plant and equipment (16.2) (15.9)
Add back: impact of substantial reorganisation cash flows 0.2 0.7
Add back: impact of acquisition-related items cash flows 4.1 5.5
Adjusted free cash flow 214.1 151.2
Add back: income tax paid 60.4 73.3
Add back: net interest paid 29.3 31.0
Adjusted operating cash flow 303.8 255.5
Adjusted operating profit 274.2 306.2
Adjusted operating cash flow conversion 110.8% 83.4%
((1)) Please refer to Note 12 for further details of the restatement.
Earnings before interest, tax, depreciation and amortisation (EBITDA), net
debt and net debt to adjusted EBITDA
EBITDA is operating profit excluding depreciation and amortisation. Net debt
to adjusted EBITDA (one of the Group's debt covenants) is the ratio of net
debt to EBITDA excluding impairment of intangible assets arising on
acquisition of businesses, acquisition-related items, substantial
reorganisation costs, substantial asset write-downs and one-off pension
credits or costs. Net debt comprises cash and cash equivalents, borrowings and
lease liabilities and is reconciled in Note 9.
2025 2024
restated(1)
£m £m
Operating profit 232.8 274.5
Add back: depreciation and amortisation 85.4 83.7
EBITDA 318.2 358.2
Add back: impairment of acquired intangibles 11.3 -
Add back: acquisition-related items 4.1 5.1
Adjusted EBITDA 333.6 363.3
Net debt 364.2 418.2
Net debt to adjusted EBITDA 1.1x 1.2x
((1)) Please refer to Note 12 for further details of the restatement.
Earnings before interest, tax and amortisation (EBITA) and EBITA to interest
EBITA is adjusted EBITDA after depreciation. EBITA to interest (one of the
Group's debt covenants) is the ratio of EBITA to finance costs including
capitalised interest less finance income (interest per debt covenants).
2025 2024
restated(1)
£m £m
Adjusted EBITDA 333.6 363.3
Less: depreciation (34.7) (35.5)
EBITA 298.9 327.8
Finance costs 32.0 36.7
Less: finance income (4.7) (4.8)
Interest (per debt covenants) 27.3 31.9
EBITA to interest 10.9x 10.3x
((1)) Please refer to Note 12 for further details of the restatement.
11. Alternative Performance Measures (APMs) (continued)
Return on capital employed (ROCE)
ROCE is adjusted operating profit expressed as a percentage of monthly average
net assets excluding net cash / debt and retirement benefit obligations and is
an underpin for the LTIP and J2G LTIP Award and a financial KPI.
2025 2024
restated(1)
£m £m
Average net assets 1,374.9 1,387.5
Add back: average net debt 414.7 371.5
Add back: average retirement benefit net obligations 20.2 31.2
Average capital employed 1,809.8 1,790.2
Adjusted operating profit 274.2 306.2
ROCE 15.2% 17.1%
((1)) Please refer to Note 12 for further details of the restatement.
Working capital as a percentage of revenue
Working capital is inventories, current trade and other receivables and
current trade and other payables.
2025 2024
restated(1)
£m £m
Inventories 617.3 637.4
Current trade and other receivables 688.5 701.4
Current trade and other payables (611.0) (602.7)
Working capital 694.8 736.1
Revenue 2,903.5 2,942.4
Working capital as a percentage of revenue 23.9% 25.0%
((1)) Please refer to Note 12 for further details of the restatement.
Inventory turn
Inventory turn is cost of sales divided by inventories.
2025 2024
restated(1)
£m £m
Cost of sales 1,660.3 1,684.1
Inventories 617.3 637.4
Inventory turn 2.7 2.6
((1)) Please refer to Note 12 for further details of the restatement.
Ratio of capital expenditure to depreciation
Ratio of capital expenditure to depreciation is capital expenditure divided by
depreciation and amortisation excluding amortisation of acquired intangibles
and depreciation of right-of-use assets.
2025 2024
£m £m
Depreciation and amortisation 85.4 83.7
Less: amortisation of acquired intangibles (26.0) (26.6)
Less: depreciation of right-of-use assets (17.2) (18.6)
Adjusted depreciation and amortisation 42.2 38.5
Capital expenditure 48.9 51.2
Ratio of capital expenditure to depreciation 1.2 times 1.3 times
12. Prior Period Adjustments
The Group identified a prior period adjustment, impacting the opening position
at 1 April 2023, the year ended 31 March 2024 and the year ended 31 March
2025. The impact of the prior period adjustment on the primary statements is
presented in the tables below.
Inventory and related tax balances
During the year ended 31 March 2025, the Group identified errors in relation
to the calculation of the inventory obsolescence provision. In order to
determine the value of the inventory provision, inventory is allocated into
different categories based on the number of years required to sell the amounts
held, based on the current "run rate" of sales. Depending on the number of
years sales required, different provisioning percentages are applied to each
category in order to estimate the recoverable value. During the year, the
Group identified that certain inventory lines had been allocated to the
incorrect category and as a result, an incorrect provisioning percentage had
been applied in determining the inventory provision in previous periods. In
addition, it was identified that the Group provisioning policy was not being
consistently applied across the Group. As a result, comparative financial
information has been restated to correct for the incorrect classification of
amounts between categories, and the failure of certain components to comply
with the Group's internal provisioning policies. The aggregate impact of the
two errors is an overstatement of the Group inventory in the opening balance
sheet and comparative period.
The restatement decreases the Group's inventory balance by £13.2 million at 1
April 2023 and by a further £5.4 million in the year 2023/24.
As a consequence of the above change there is an impact on taxation. There is
an additional credit to the deferred tax balance of £3.2 million as at 1
April 2023 and a further £1.3 million credit recognised in 2023/24.
The net impact on opening reserves as at 1 April 2023 was £10.0 million
including £0.3 million impact on the translation reserve. In the year
2023/24, the impact on profit after tax was £4.3 million and on total
comprehensive income was £0.3 million.
The table below details the impact of the prior year adjustment on the
affected line items in the opening balance sheet (year ended 31 March 2023)
and the comparative period (year ended 31 March 2024):
Inventory Tax Net impact
£m £m £m
Year ended 31 March 2023 (13.2) - (13.2)
Inventory
Deferred tax asset/(liability) - 3.2 3.2
Net assets (13.2) 3.2 (10.0)
Total equity (13.2) 3.2 (10.0)
Cumulative impact as at 1 April 2023 Inventory Tax Net impact
£m £m £m £m
Year ended 31 March 2024 (5.6) - (5.6)
Cost of sales
Tax credit/(charge) - 1.3 1.3
Profit for the year (5.6) 1.3 (4.3)
Other comprehensive income 0.2 0.1 0.3
Inventory (13.2) (5.4) - (18.6)
Deferred tax asset/(liability) 3.2 - 1.4 4.6
Net assets (10.0) (5.4) 1.4 (14.0)
Total equity (10.0) (5.4) 1.4 (14.0)
The following tables summarise the Group's primary financial statements for
the periods indicated, giving effect to the restatements described above.
Group Income Statement restated
For the year ended 31 March 2024
Inventory Tax
Reported Restated
£m £m £m £m
Revenue 2,942.4 - - 2,942.4
Cost of sales (1,678.5) (5.6) - (1,684.1)
Gross profit 1,263.9 (5.6) - 1,258.3
Operating costs (983.8) - - (983.8)
Operating profit 280.1 (5.6) - 274.5
Finance income 4.8 - - 4.8
Finance costs (36.7) - - (36.7)
Share of profit of joint venture 0.6 - - 0.6
Profit before tax 248.8 (5.6) - 243.2
Income tax expense (65.1) - 1.3 (63.8)
Profit for the year attributable to owners of the Company 183.7 (5.6) 1.3 179.4
Group Statement of Comprehensive Income restated
For the year ended 31 March 2024
Inventory Tax
Reported Restated
£m £m £m £m
Profit for the year 183.7 (5.6) 1.3 179.4
Other comprehensive income
Items that will not be reclassified subsequently to the income statement
Remeasurement of retirement benefit obligations 0.8 - - 0.8
Related income tax (0.1) - - (0.1)
0.7 - - 0.7
Items that may be reclassified subsequently to the income statement
Foreign exchange translation differences of joint venture (0.2) - - (0.2)
Foreign exchange translation differences (3.9) 0.2 0.1 (3.6)
Fair value gain on net investment hedges 3.4 - - 3.4
Movement in cash flow hedges (0.1) - - (0.1)
(0.8) 0.2 0.1 (0.5)
Other comprehensive expense for the year (0.1) 0.2 0.1 (0.2)
Total comprehensive income for the year 183.6 (5.4) 1.4 179.6
Total comprehensive income is attributable to:
Owners of the Company 183.7 (5.4) 1.4 179.7
Non-controlling interests (0.1) - - (0.1)
Total comprehensive income for the year 183.6 (5.4) 1.4 179.6
Group Balance Sheet restated
As at 31 March 2023
Inventory Tax
Reported Restated
£m £m £m £m
Non-current assets
Intangible assets 704.8 - - 704.8
Property, plant and equipment 186.3 - - 186.3
Right-of-use assets 46.9 - - 46.9
Investment in joint venture 1.5 - - 1.5
Other receivables 6.5 - - 6.5
Retirement benefit net assets 0.8 - - 0.8
Deferred tax assets 6.9 - - 6.9
Total non-current assets 953.7 - - 953.7
Current assets
Inventories 616.3 (13.2) - 603.1
Trade and other receivables 692.0 - - 692.0
Cash and cash equivalents - cash and short-term deposits 260.3 - - 260.3
Derivative assets 1.8 - - 1.8
Current income tax receivables 19.9 - - 19.9
Total current assets 1,590.3 (13.2) - 1,577.1
Total assets 2,544.0 (13.2) - 2,530.8
Current liabilities
Trade and other payables (658.9) - - (658.9)
Cash and cash equivalents - bank overdrafts (139.8) - - (139.8)
Lease liabilities (14.6) - - (14.6)
Derivative liabilities (1.7) - - (1.7)
Provisions (1.8) - - (1.8)
Current income tax liabilities (22.1) - - (22.1)
Total current liabilities (838.9) - - (838.9)
Non-current liabilities
Other payables (9.3) - - (9.3)
Retirement benefit obligations (37.2) - - (37.2)
Borrowings (184.6) - - (184.6)
Lease liabilities (34.3) - - (34.3)
Provisions (4.7) - - (4.7)
Deferred tax liabilities (90.1) - 3.2 (86.9)
Total non-current liabilities (360.2) - 3.2 (357.0)
Total liabilities (1,199.1) - 3.2 (1,195.9)
Net assets 1,344.9 (13.2) 3.2 1,334.9
Equity
Share capital and share premium 283.3 - - 283.3
Own shares held by Employee Benefit Trust (EBT) (2.2) - - (2.2)
Other reserves 108.8 0.4 (0.1) 109.1
Retained earnings 954.3 (13.6) 3.3 944.0
Equity attributable to owners of the Company 1,344.2 (13.2) 3.2 1,334.2
Non-controlling interests 0.7 - - 0.7
Total equity 1,344.9 (13.2) 3.2 1,334.9
Group Balance Sheet restated
As at 31 March 2024
Inventory Tax
Reported Restated
£m £m £m £m
Non-current assets
Intangible assets 982.6 - - 982.6
Property, plant and equipment 180.9 - - 180.9
Right-of-use assets 72.8 - - 72.8
Investment in joint venture 1.3 - - 1.3
Other receivables 8.4 - - 8.4
Retirement benefit net assets 1.5 - - 1.5
Deferred tax assets 9.5 - - 9.5
Total non-current assets 1,257.0 - - 1,257.0
Current assets
Inventories 656.0 (18.6) - 637.4
Trade and other receivables 701.4 - - 701.4
Cash and cash equivalents - cash and short-term deposits 258.7 - - 258.7
Derivative assets 2.6 - - 2.6
Current income tax receivables 22.7 - - 22.7
Total current assets 1,641.4 (18.6) - 1,622.8
Total assets 2,898.4 (18.6) - 2,879.8
Current liabilities
Trade and other payables (602.7) - - (602.7)
Cash and cash equivalents - bank overdrafts (162.7) - - (162.7)
Lease liabilities (16.0) - - (16.0)
Derivative liabilities (1.1) - - (1.1)
Provisions (5.0) - - (5.0)
Current income tax liabilities (27.8) - - (27.8)
Total current liabilities (815.3) - - (815.3)
Non-current liabilities
Other payables (17.3) - - (17.3)
Retirement benefit obligations (27.2) - - (27.2)
Borrowings (440.3) - - (440.3)
Lease liabilities (57.9) - - (57.9)
Provisions (4.2) - - (4.2)
Deferred tax liabilities (103.3) - 4.6 (98.7)
Total non-current liabilities (650.2) - 4.6 (645.6)
Total liabilities (1,465.5) - 4.6 (1,460.9)
Net assets 1,432.9 (18.6) 4.6 1,418.9
Equity
Share capital and share premium 286.9 - - 286.9
Own shares held by Employee Benefit Trust (EBT) (1.8) - - (1.8)
Other reserves 108.3 0.6 - 108.9
Retained earnings 1,038.9 (19.2) 4.6 1,024.3
Equity attributable to owners of the Company 1,432.3 (18.6) 4.6 1,418.3
Non-controlling interests 0.6 - - 0.6
Total equity 1,432.9 (18.6) 4.6 1,418.9
Group Cash Flow Statement restated
For the year ended 31 March 2024
Inventory Tax
Reported Restated
£m £m £m £m
Cash flows from operating activities
Profit before tax 248.8 (5.6) - 243.2
Depreciation and amortisation 83.7 - - 83.7
Impairment of intangible assets 4.6 - - 4.6
Impairment of property, plant and equipment - - - -
Impairment of right-of-use assets 0.4 - - 0.4
Loss on disposal of non-current assets 1.6 - - 1.6
Equity-settled share-based payments 7.8 - - 7.8
Net finance costs 31.9 - - 31.9
Share of profit of and dividends received from joint venture - - - -
Decrease in inventories 4.9 5.6 - 10.5
(Increase) decrease in trade and other receivables 8.1 - - 8.1
Increase (decrease) in trade and other payables (82.2) - - (82.2)
(Decrease) increase in provisions 1.1 - - 1.1
Defined benefit retirement contributions in excess of charge (9.8) - - (9.8)
Cash generated from operations 300.9 300.9
Interest received 4.8 - - 4.8
Interest paid (35.8) - - (35.8)
Income tax paid (73.3) - - (73.3)
Net cash from operating activities 196.6 - - 196.6
Cash flows from investing activities
Acquisition of businesses (313.1) - - (313.1)
Cash and cash equivalents acquired with businesses 9.0 - - 9.0
Total cash impact on acquisition of businesses (304.1) - - (304.1)
Purchase of intangible assets (35.7) - - (35.7)
Purchase of property, plant and equipment (15.9) - - (15.9)
Proceeds on sale of property, plant and equipment - - - -
Net cash used in investing activities (355.7) - - (355.7)
Cash flows from financing activities
Proceeds from the issue of share capital 3.6 - - 3.6
Purchase of own shares by EBT (1.5) - - (1.5)
Net (decrease)/increase in revolving facility and short-term loans 130.2 - - 130.2
Other loans drawn down 131.7 - - 131.7
Other loans repaid (2.5) - - (2.5)
Principal elements of lease payments (18.5) - - (18.5)
Dividends paid (104.1) - - (104.1)
Net cash (used in)/generated from financing activities 138.9 - - 138.9
Net increase/(decrease) in cash and cash equivalents (20.2) - - (20.2)
Cash and cash equivalents at the beginning of the year 120.5 - - 120.5
Effects of exchange rate changes (4.3) - - (4.3)
Cash and cash equivalents at the end of the year 96.0 - - 96.0
The impact of the restatement on earnings per share is set out below:
For the year ended 31 March 2024
Inventory Tax
Reported Restated
£m £m £m £m
Basic earnings per share 38.8p (1.2)p 0.3p 37.9p
Diluted earnings per share 38.7p (1.2)p 0.3p 37.8p
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