OTTAWA (dpa-AFX) - RS Group Plc (RS1.L), a British distributor of industrial and electronics products, reported that its profit before tax for the year ended 31 March 2023 grew 23% to 371.5 million pounds from the prior year. Adjusted profit before tax was up 25% to 390.7 million pounds, 17% on a like-for-like basis.
Profit attributable to owners of the company for the year was 284.8 million pounds or 60.2 pence per share up from 230.0 million pounds or 48.6 pence per share in the prior year.
Adjusting for items excluded from adjusted profit and associated income tax effects, adjusted earnings per basis share of 63.6 pence grew 16% on a like-for-like basis.
Group revenue increased 17% to 2.98 billion pounds from prior year. Like-for-like growth was 10% after adjusting for the 54.0 million pounds impact of acquisitions, 116.6 million pounds from favorable exchange rate movements and a negative impact of 10.6 million pounds from fewer trading days.
The company said its board proposes to increase the final dividend to 13.7 pence per share. This will be paid on 21 July 2023 to shareholders on the register on 16 June 2023. As a result, the total proposed dividend for 2022/23 will be 20.9 pence per share, representing an increase of 16% over the 2021/22 full-year dividend.
Looking ahead, the company said it is comfortable with current consensus profit expectations for 2023/24, albeit with performance more weighted to the second half.
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