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Midwich sees growth in first-half revenue and margins

By BFN News | 07:50 AM | Monday 22 July, 2019


Specialist audio visual distributor Midwich Group said it had grown its revenue and margins in the first half of 2019. In a trading update for the six months through June, the company said it had traded 'well', with top-line organic growth supported by a strong contribution from recent acquisitions. Growth was achieved across all geographies on a constant currency basis, with Continental Europe and APAC performing particularly well. Overall gross margins had improved 'marginally' on the prior year period. Midwich said it continued to invest in the infrastructure to develop its business, in particular central acquisition and integration teams, as well as a start-up businesses in South East Asia and Benelux. Cash generation in the first half had been slightly ahead of the board's expectations. '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,' Midwich said. 'The board's expectation of the group's performance for the current full year remains unchanged.' Story provided by StockMarketWire.com

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