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9 May 2022 07:00
9 May 2022
Midwich Group plc
("Midwich" or the "Group")
AGM statement
Midwich Group (AIM: MIDW), a global specialist audio visual ("AV") distributor to the trade market, will hold its Annual General Meeting at 10.00am today at the Group's head office in Diss.
At the meeting Andrew Herbert, Chairman, will make the following statement:
"Whilst the Pro AV market recovered strongly in 2021, it remained below pre-pandemic levels. Against this backdrop, our 2021 results demonstrate the strength of our business by achieving record revenue and adjusted profit before tax.
We remain committed to our established strategy of delivering strong organic growth, supplemented by targeted acquisitions, as well as building on our expertise across a broader range of markets and products.
The Board was delighted to welcome the DVS and Nimans teams to the Group early in the new year, further strengthening our capabilities and presence in the UK AV market. Trading in the first four months of the current year has been in line with the Board's expectations and we look forward with confidence."
Midwich intends to announce a trading update for the six months to 30 June 2022 on 19 July 2022.
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) Carlton Nelson Ben Griffiths
| Tel: +44 (0) 20 7597 5970 |
Berenberg (Joint Broker to Midwich) Ben Wright Richard Andrews Alix Mecklenberg-Solodkoff
| Tel: +44 (0) 20 3207 7800 |
FTI Consulting Alex Beagley Tom Hufton Rafaella de Freitas | Tel: +44 (0) 20 3727 1000 midwich@fticonsulting.com |
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, EMEA, Asia Pacific and North America. The Group's long-standing relationships with over 600 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, EMEA, 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
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