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Midwich swings to loss; despite second-half beat
StockMarketWire.com
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Audio visual distributor Midwich swung to a full-year loss after margins were squeezed during the pandemic, though it said it performed better than it had expected in the second half.
Pre-tax losses for the year through December amounted to £1.0 million, compared to a year-on-year profit of £23.8 million.
Revenue rose 3.7% to £711.8 million but gross margin slipped to 14.3%, down from 16.5%.
Midwich did not declare any dividends.
'We announced our entry into the US, the world's largest AV market, in February 2020 and post period end, entered the Middle East, giving us true global scale,' chief executive Stephen Fenby said.
'Whilst we have experienced a slowdown in some of our sectors, we have also witnessed improved performances in others and our results in the second half of the year exceeded the board's expectations.'
'We are well placed through our diversified geographical and multi-sector footprint, combined with long-term vendor relationships, to continue to deliver growth and take advantage of market opportunities, both organically and through acquisition.'
At 9:11am: (LON:MIDW) Midwich Group PLC share price was 0p at 390p
Story provided by StockMarketWire.com
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