Midwich Group PLC Pre-close Trading Statement (6936L)
July 21 2017 - 1:00AM
UK Regulatory
TIDMMIDW
RNS Number : 6936L
Midwich Group PLC
21 July 2017
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 plc
Stephen Fenby, Managing Director
Anthony Bailey, Finance Director +44 (0) 1379 649200
Investec Bank plc
James Ireland / Carlton Nelson +44 (0) 20 7597
/ James Rudd 4000
FTI Consulting
Oliver Winters / Alex Beagley +44 (0) 20 3727
/ George Robonson 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
This information is provided by RNS
The company news service from the London Stock Exchange
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