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Midwich Group PLC - audio visual technology distributor - Says trading for six months to June 30 was strong, with revenue expected to be in excess of £560 million, an increase of over 45% from last year, and a record first half for the company. Organic revenue growth was up 27% from the first half last year, with strong contributions from the Nimans and DVS businesses. Looking ahead, expects to see stronger gross margins coming through in the second half of the year.
Adjusted pretax profit for first half is expected to be over £19 million, compared with £13.0 million in the first half of 2021, an increase of nearly 50%.
‘With order books remaining very strong, unless general economic conditions deteriorate significantly, the board expects the momentum seen in H1 2022 to continue throughout the remainder of the year. As a result, the board now expects trading performance for the full year will be slightly ahead of its previous expectations,’ it says.
Current stock price: 570.00 pence
Year-to-date change: up 11%
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