REG - Midwich Group PLC - AGM Statement

MidwichAnnouncement

09/05/2023 07:15

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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                                      +44 (0) 1379 649200

Stephen Fenby, Managing Director

Stephen Lamb, Finance Director
 Investec Bank plc (NOMAD and Joint Broker to Midwich)  +44 (0) 20 7597 5970

 Carlton Nelson / Ben Griffiths
 Berenberg (Joint Broker to Midwich)                    +44 (0) 20 3207 7800

Ben Wright / Richard Andrews / Arnav Kapoor
 FTI Consulting                                         +44 (0) 20 3727 1000

Alex Beagley / 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 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
(http://www.midwichgroupplc.com/)

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