Information  X 
Enter a valid email address

Midwich Group PLC (MIDW)

  Print      Mail a friend

Monday 22 July, 2019

Midwich Group PLC

Pre-close Trading Statement

RNS Number : 1796G
Midwich Group PLC
22 July 2019
 

22 July 2019

Midwich Group PLC

("Midwich" or the "Group")

 

Pre-close Trading Statement

 

Midwich Group (AIM: MIDW), a specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe and Asia Pacific, is today providing a trading update for the six months ended 30 June 2019.

The Group has traded well in the first half, with top line organic growth being supported by a strong contribution from recent acquisitions.  Growth was achieved across all geographies on a constant currency basis, with Continental Europe and APAC performing particularly well.  Overall gross margins have improved marginally on the prior year period.  The Group continues to invest in the infrastructure to develop its business, in particular the central acquisition and integration teams, as well as its start-up businesses in South East Asia and Benelux.  The Group has acquired four businesses in the year to date and all are developing as expected.  These businesses have given the Group access to three new geographical territories (Italy, Switzerland and Norway) as well as strengthening its capabilities in the audio and lighting segments.

Cash generation in the first half has been slightly ahead of the Board's expectations.  The Board continues to expect cash generation for the current year as a whole to be in line with the Group's long-term average performance.

The Board's expectation of the Group's performance for the current full year remains unchanged.

Midwich will announce its half year results for the six months ended 30 June 2019 on 10 September 2019.

 

 

For further information:

 

Midwich Group plc

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director

 

Tel: +44 (0) 13 7964 9200

Investec Bank plc (NOMAD and Joint Broker to Midwich)

James Rudd

Carlton Nelson

 

Tel: +44 (0) 20 7597 5970

Berenberg (Joint Broker to Midwich)

Ben Wright

Mark Whitmore

Laure Fine

 

Tel: +44 (0) 20 3207 7800

FTI Consulting

Alex Beagley

Tom Hufton

Fern Duncan

Tel: +44 (0) 20 3727 1000

 

 

About Midwich Group

Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe and Asia Pacific. The Group's long-standing relationships with over 400 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.

 

The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 17,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

 

Initially a UK only distributor, the Group now has 900 employees across the UK and Ireland, Continental Europe and Asia Pacific. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.

 

For further information, please visit www.midwichgroupplc.com


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
TSTLLFIEDFIALIA

a d v e r t i s e m e n t