Midwich Group PLC Pre-close Trading Statement (4043U)
18 January 2017 - 6:00PM
UK Regulatory
TIDMMIDW
RNS Number : 4043U
Midwich Group PLC
18 January 2017
18 January 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 year ended 31 December 2016.
The Group's trading momentum continued in the the second half of
the year and it also benefited from the continued weakness in
Sterling. Growth was seen across all of the Group's divisions, in
particular its overseas businesses, and it has seen a better than
expected contribution from its most recent UK acquisition,
Holdan.
Consequently, the Board now expects to report revenue for 2016
of approximately GBP370 million, representing growth of around 18
per cent over prior year. Movements in exchange rates account for
approximately 3 per cent of this growth. The Group has delivered
this revenue growth and continued to improve gross margins in line
with the Board's expectations.
As a result of this strong performance, the Board now
anticipates reporting adjusted profit before tax for 2016
comfortably ahead of its previous expectations.
Midwich will announce its final results for the year ended 31
December 2016 on 14 March 2017.
Enquiries:
Midwich Group plc Tel: +44 (0) 1379
Stephen Fenby, Managing Director 649 200
Anthony Bailey, Finance Director
Investec Bank plc Tel: +44 (0) 20 7597
James Ireland / Carlton Nelson 4000
FTI Consulting Tel: +44 (0) 20 3727
Oliver Winters / Alex Beagley 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 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 500
employees across the UK, Germany, France, Ireland, 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
END
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