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Midwich Group PLC on Monday said that challenging market conditions continued throughout the year just gone, as an expected return to growth in mainstream products failed to materialise. The Norfolk, England-based company, which distributes specialist audiovisual technology to the trade market said revenue was about £1.3 billion in 2024, marginally up from £1.29 billion in 2023 and in line with guidance provided by Midwich in October. The company highlighted that overall revenue growth was about 2%, or 3% at constant currency, but organic revenue declined by around 1% from 2023. A positive product mix shift resulted in a gross profit margin of around 17.1%, up from 16.8% in 2023 and a new annual record. Midwich expects to report 2024 adjusted pretax profit to be slightly below the market consensus, which it cites as £40.0 million to £40.5 million with an average of £40.2 million. The lower range of the market consensus would be 20% lower from £50.0 million Midwich had reported for 2023. Managing Director Stephen Fenby said: ‘Challenging market conditions continued throughout the year, and the anticipated return to growth in mainstream products in the second half did not materialise. Excess product supply has continued to drive price erosion, particularly in display categories, and this, combined with some aggressive supplier activity, impacted gross margins in the second half.’ He added: ‘Whilst the broader market backdrop remains challenging, the group continues to look for and exploit new growth opportunities, as well as retaining a tight focus on overhead efficiencies. I believe the group remains well positioned to continue to deliver both organic and inorganic growth in the longer term.’ Midwich will release its full 2024 results on March 18. Midwich shares were down 2.4% to 280.07 pence each on Monday morning in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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