Midwich Group PLC AGM Statement (6710Y)
09 May 2023 - 4:00PM
UK Regulatory
TIDMMIDW
RNS Number : 6710Y
Midwich Group PLC
09 May 2023
9 May 2023
Midwich Group plc
("Midwich" or the "Group")
AGM statement
Midwich Group (AIM: MIDW), a global specialist audio visual
("AV") distributor to the trade market, will hold its Annual
General Meeting at 10.00am today at the Group's head office in
Diss.
At the meeting Andrew Herbert, Chairman, will make the following
statement:
"Midwich once again made significant market share gains in 2022,
which is testament to the strength of our long-term strategy and
the quality of our teams. Whilst the overall Pro AV market grew at
an estimated 10.5%^ in 2022, the Group achieved record revenue
(which increased by over 20% organically and over 40% in total) and
record adjusted profit before tax, and has now delivered annual
revenue growth of 22% since 2016.
Despite our scale, we have a small share of a very large global
market and remain committed to our established strategy of
delivering strong organic growth, supplemented by targeted
acquisitions, as well as building on our expertise across a broader
range of markets and products.
Market conditions in the current year to date have been
challenging in a number of territories, reflecting the wider
macroeconomic backdrop, but the Group has seen further revenue
growth in the first four months and the Board's expectations for
the full year are unchanged."
Midwich intends to announce a trading update for the six months
to 30 June 2023 on 18 July 2023.
^ Source: AVIXA
For further information:
Midwich Group plc
Stephen Fenby, Managing Director
Stephen Lamb, Finance Director +44 (0) 1379 649200
Investec Bank plc (NOMAD and Joint Broker
to Midwich) +44 (0) 20 7597
Carlton Nelson / Ben Griffiths 5970
Berenberg (Joint Broker to Midwich) +44 (0) 20 3207
Ben Wright / Richard Andrews / Arnav Kapoor 7800
FTI Consulting
Alex Beagley / Tom Hufton / Rafaella de +44 (0) 20 3727
Freitas 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 600
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 22,000 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 1,600
employees across the UK and Ireland, EMEA, 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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END
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