REG - Midwich Group PLC - Year End Trading Update

MidwichAnnouncement

15/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211215:nRSO6629Va&default-theme=true

RNS Number : 6629V  Midwich Group PLC  15 December 2021

15 December 2021

Midwich Group plc

("Midwich" or the "Group")

 

Year End Trading Update

 

Midwich Group (AIM: MIDW), a global specialist audio visual distributor to
the trade market, today provides a trading update for the year ending 31
December 2021.

 

Despite ongoing product shortages, the Group's trading performance has been
stronger than expected since the Interim Results, published on 7 September
2021, with the UK & Ireland and EMEA performing particularly well. As a
result, the Board expects that adjusted profit before tax for the year ending
31 December 2021 will be not less than £30 million, which is materially
ahead of its previous expectations.

 

The Group expects to make its scheduled trading update on 19 January 2022.

 

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 / Mark Whitmore / Alix Mecklenberg-Solodkoff
 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 500 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, Continental Europe, 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/)

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUSRRRAKUUAUA