REG - Midwich Group PLC - AGM statement

MidwichAnnouncement

09/05/2022 07:00

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RNS Number : 7033K  Midwich Group PLC  09 May 2022

9 May 2022

 

 

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:

 

"Whilst the Pro AV market recovered strongly in 2021, it remained below
pre-pandemic levels. Against this backdrop, our 2021 results demonstrate the
strength of our business by achieving record revenue and adjusted profit
before tax.

 

We 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.

 

The Board was delighted to welcome the DVS and Nimans teams to the Group early
in the new year, further strengthening our capabilities and presence in the UK
AV market. Trading in the first four months of the current year has been in
line with the Board's expectations and we look forward with confidence."

 

Midwich intends to announce a trading update for the six months to 30 June
2022 on 19 July 2022.

 

 

For further information:

 

 Midwich Group plc                                      Tel: +44 (0) 13 7964 9200

 Stephen Fenby, Managing Director

 Stephen Lamb, Finance Director

 Investec Bank plc (NOMAD and Joint Broker to Midwich)  Tel: +44 (0) 20 7597 5970

 Carlton Nelson

 Ben Griffiths

 Berenberg (Joint Broker to Midwich)                    Tel: +44 (0) 20 3207 7800

 Ben Wright

 Richard Andrews

 Alix Mecklenberg-Solodkoff

 FTI Consulting                                         Tel: +44 (0) 20 3727 1000

 Alex Beagley                                           midwich@fticonsulting.com (mailto:midwich@fticonsulting.com)

 Tom Hufton

 Rafaella de Freitas

 

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 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, 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
(http://www.midwichgroupplc.com/)

 

 

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