Rexel announced FY15 results in line with our expectations and the guidance provided in October last year. Annual revenue was down 2.1% at CER, pulled down by lower copper prices ($5,800 per tonne in Q1 vs c.$4,700 in Q4 15), weaker industrial activity in North America (28% drop in the O&G segment), challenging construction activity in France and weaker macro-economic conditions in China. Both the biggest markets, North America (-5.2%) and France (-2.3%), registered a decline. However, th
