Last checked at 11 May 2020 07:00
11 May 2020
Midwich Group plc
("Midwich" or "the Group")
AGM Statement
Midwich, a specialist audio visual distributor to the trade market with operations across the UK and Ireland, Continental Europe, Asia-Pacific and North America, will hold its Annual General Meeting at 10.00am today at the Group's office in Diss.
At the meeting Andrew Herbert, Chairman, will make the following statement:
"The Group delivered a strong performance in 2019, achieving revenue and profit growth while successfully completing four acquisitions. We remain committed to our established strategy of delivering strong organic growth, supplemented by targeted acquisitions, as well as building our expertise in a broader range of markets and products.
The coronavirus crisis has led to very challenging trading conditions over the past two months and we anticipate this will continue at least until lockdown conditions, particularly in Europe and North America, are significantly eased. At this stage it is unclear how quickly overall business will return to more normal levels.
The actions we have taken across the Group to preserve cash and liquidity and reduce cost coupled with our strong balance sheet and extensive credit facilities gives the board confidence that the Group is well placed to deal with the continuing uncertainty, and that it will be in a strong position to respond once markets start to recover."
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 Alix Mecklenberg-Solodkoff
| Tel: +44 (0) 20 3207 7800 |
FTI Consulting Alex Beagley Tom Hufton Fern Duncan Rafaella de Freitas | 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 and North America. The Group's long-standing relationships with over 500 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 20,000 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 around 1,000 employees across the UK and Ireland, Continental Europe, Asia-Pacific and North America. 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