Midwich Group PLC Pre-close Trading Statement (2175V)
20 July 2018 - 4:00PM
UK Regulatory
TIDMMIDW
RNS Number : 2175V
Midwich Group PLC
20 July 2018
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 plc
Stephen 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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