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Midwich upgrades profit guidance following strong end to 2020
StockMarketWire.com
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Specialist audio visual distributor Midwich upgraded its annual profit guidance following a strong close to 2020.
Adjusted pre-tax profit for the year through December was now expected at around £14 million, which Midwhich said was 'significantly ahead' of its prior expectations.
Annual revenue was expected to rise around 4% to in excess of £710 million, boosted by acquistions.
Underlying sales, which strips out the contribution from acquisitions, fell 14%, including a second-half fall of 7%.
'A number of the group's end user markets, such as hospitality and events, continue to be depressed as a result of lockdown restrictions in various territories,' Midwhich said.
'As these are often more profitable areas, gross margins continued to be held back in the second half of the year.'
At 8:00am: (LON:MIDW) Midwich Group PLC share price was 0p at 390p
Story provided by StockMarketWire.com
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