The RS Group Board proposes to increase the final dividend to 13.7p 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 20.9p per share, representing an increase of 16% over the 2021/22 full-year dividend. Adjusted earnings dividend cover for 2022/23 was 3.0 times.
Other financial highlights include:
Revenue growth of 17% includes 10% like-for-like, 2% acquisition contribution and 5% currency benefit
Industrial products, 76% of Group revenue, grew like-for-like revenue by 16% with electronics products, 23% participation, growing 1%
Adjusted operating costs grew 18%, 13% like-for-like, reflecting inflation, ongoing strategic investment of c. £20 million and c. £10 million of ad hoc payments to support their people during more difficult times
Adjusted operating profit margin grew 1.0 pts to 13.5%, with adjusted operating profit conversion of 29.7%