Last checked at 20 Jul 2018 07:00
20 July 2018
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 2018.
The Group has traded well in the first half, with good top line growth delivered across all of its geographies on a constant currency basis. Overall gross margins have improved, helped by the contribution of the three businesses acquired in 2017.
Cash generation in the first half has been slightly behind the Board's expectations, due to an investment in working capital later in the period. 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.
As a result of this encouraging first half performance, and current positive sales momentum, the Board now anticipates that the Group's performance for the current full year will be ahead of its previous expectations.
Midwich will announce its half year results for the six months ended 30 June 2018 on 11 September 2018.
Enquiries:
Midwich Group plcStephen Fenby, Managing Director
| +44 (0) 1379 649200 |
Investec Bank plc James Rudd / Carlton Nelson
| +44 (0) 20 7597 4000 |
FTI Consulting Alex Beagley / Fern Duncan
| +44 (0) 20 3727 1000 |
Notes 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, the Benelux and Australasia. The Group's long-standing relationships with over 330 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 13,000 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 750 employees across the UK, Germany, France, Ireland, Iberia, the Benelux, and Australasia. 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