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15 Dec 2021 07:00
15 December 2021
Midwich Group plc
("Midwich" or the "Group")
Year End Trading Update
Midwich Group (AIM: MIDW), a global specialist audio visual distributor to the trade market, today provides a trading update for the year ending 31 December 2021.
Despite ongoing product shortages, the Group's trading performance has been stronger than expected since the Interim Results, published on 7 September 2021, with the UK & Ireland and EMEA performing particularly well. As a result, the Board expects that adjusted profit before tax for the year ending 31 December 2021 will be not less than £30 million, which is materially ahead of its previous expectations.
The Group expects to make its scheduled trading update on 19 January 2022.
For further information:
Midwich Group plcStephen Fenby, Managing DirectorStephen Lamb, Finance Director | +44 (0) 1379 649200 |
Investec Bank plc (NOMAD and Joint Broker to Midwich) Carlton Nelson / Ben Griffiths | +44 (0) 20 7597 5970 |
Berenberg (Joint Broker to Midwich)Ben Wright / Mark Whitmore / Alix Mecklenberg-Solodkoff | +44 (0) 20 3207 7800 |
FTI ConsultingAlex Beagley / Tom Hufton / Rafaella de Freitas | +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, EMEA, 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
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