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RS Group (RS1) investor relations material
RS Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered financial outcomes in line with expectations amid challenging but stabilizing markets, with strategic and operational investments supporting long-term value creation.
Returned to marginal group revenue growth in Q2, with Americas and APAC growth offsetting EMEA decline; continued market share gains in all regions.
Confidence in long-term value creation underpinned by disciplined cost management and capital allocation.
Ongoing restructuring, pricing agility, and cost management supported results; strategic initiatives are improving operational metrics.
Outperformed market in all major product categories and gained share from competitors in Europe.
Financial highlights
Group revenue for H1 2025/26 was £1,403m, down 3% year-over-year (1% like-for-like); adjusted operating profit £122m, down 8% (7% LFL); margin at 8.7%.
Gross margin improved to 43.1% (up 0.4 pts); adjusted free cash flow £86m; cash flow conversion at 107%.
Net debt reduced by £31m to £333m, with net debt/EBITDA at 1.0x.
Interim dividend increased by 2% to 8.7p per share; progressive dividend policy maintained.
Adjusted EPS 17.6p (down 5%); basic EPS up 8% to 17.7p.
Outlook and guidance
Full-year outlook remains unchanged; gross margin expected slightly above 43%; organic investment at lower half of £35–45m range.
Capital expenditure forecast at £50m; effective tax rate c. 26%.
Medium-term targets: revenue growth at twice market rate, mid-teen adjusted operating margins, >80% cash conversion, >20% ROCE.
Integration and cost savings of at least £15m; restructuring/integration costs £10m–£15m.
Depreciation and accruals expected to be weighted to the second half.
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- AFRY
Margin and utilization gains in Q4 offset lower sales and profit amid market challenges. - 8111
Sales and operating profit rose, but net profit fell on lower affiliate gains; outlook steady. - 7731
Large impairment in Digital Manufacturing and weak sales led to sharp losses and a weaker outlook. - 6370
Profits and sales rose, led by General Industry, with robust capital actions and a positive outlook. - 9312
Profits and dividends rose on strong domestic logistics, with improved financial stability. - PN
Parcel growth and efficiency gains offset mail decline, boosting income and financial strength. - 1909
Strong profit growth and raised outlook amid robust demand and improved financial position. - LCLEAN
Revenue down, losses narrowed, major rights issue and new sales strategy to drive turnaround. - GLAD
Q4 net investment income was $0.52 per share, with strong originations and stable dividends. - 4042
Profits fell sharply on lower sales and a major impairment loss, despite engineering growth.
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