Last checked at 21 Jul 2017 07:00
21 July 2017
Midwich Group Plc
("Midwich" or "the Group")
Pre-close Trading Statement
Midwich, a specialist audio visual and document solutions distributor to the trade market, is today providing a trading update for the six months ended 30 June 2017.
The Group has traded well in the first half, seeing good top line growth across all of its geographies on a constant currency basis helped further by the continued weakness of Sterling. This underlying revenue growth has been delivered whilst maintaining overall gross margins in line with those reported for 2016. The Board is also pleased to note that the new Spanish business, Earpro, acquired in March 2017, has had a very positive start contributing ahead of previous expectations in its first three months.
Cash generation in the first half has also been in line with the Board's expectations.
As a result of this strong first half performance and on the basis of current indications of positive sales momentum into the second half, the Board anticipates reporting results for the full year comfortably ahead of its previous expectations.
Midwich will announce its half year results for the six months ended 30 June 2017 on 12 September 2017.
Enquiries:
Midwich Group plcStephen Fenby, Managing Director Anthony Bailey, Finance Director
| +44 (0) 1379 649200 |
Investec Bank plc James Ireland / Carlton Nelson / James Rudd
| +44 (0) 20 7597 4000 |
FTI Consulting Oliver Winters / Alex Beagley / George Robonson
| +44 (0) 20 3727 1000 |
Note to editors
Midwich is a specialist AV and document solutions distributor to the trade market, with operations in the UK and Ireland, France, Germany, Iberia and Australasia. The Group's long-standing relationships with over 300 vendors, including blue-chip organisations such as Samsung, LG, Epson and NEC, supports a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage and printers. 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 approximately 10,000 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 over 600 employees across the UK, Germany, France, Ireland, Iberia, Australia and New Zealand. 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