Midwich Group (MIDW)

Sector:

Support

Index:

FTSE AIM 50

395.00p
   
  • Change Today:
    -3.00p
  • 52 Week High: 521.00p
  • 52 Week Low: 340.00p
  • Currency: UK Pounds
  • Shares Issued: 103.25m
  • Volume: 45,992
  • Market Cap: £407.84m

Midwich Group posts record revenue, adjusted profit

By Josh White

Date: Tuesday 08 Mar 2022

LONDON (ShareCast) - (Sharecast News) - Specialist audio-visual distributor Midwich Group reported record revenue and adjusted profit before tax in its full-year results on Tuesday, as it made further market share gains despite ongoing disruption from the pandemic.
The AIM-traded firm recorded revenue growth of 22.9% at constant exchange rates to £856m, including organic growth of 18.9%.

It said its gross margin recovered "strongly" to 15.3% for the 12 months ended 31 December, from 14.3% in 2020.

Adjusted profit before tax expanded by 130.3% at constant currency to £31.9m, ahead of pre-Covid levels, while adjusted earnings per share came in at 25.63p, more than double the 11.2p it reported for 2020.

The board proposed a final dividend of 7.8p, bringing the full-year distribution to 14.1p including special and interim payments.

Midwich said it had a "strong" balance sheet going forward, with a year-end adjusted net debt-to-EBITDA ratio of 1.4x - up from 0.9x a year earlier - providing it with financial flexibility.

"The group has had a very strong year, achieving record revenues and adjusted net profits," said managing director Stephen Fenby.

"This level of performance has required a monumental effort from all of our teams and the much-appreciated loyalty and support of our customers and vendors.

"The pandemic-related difficulties of 2020 continued through much of 2021."

Fenby said that included the practicalities of home and hybrid working, product shortages, unpredictable inventory supply timing, logistics cost increases, and a number of higher margin end-user markets remaining largely closed.

"We have continued to focus not only on delivering strong short-term performance, but also building the business for the long term.

"We have grown and strengthened our team during the year, including particularly in North America, and also in our group-wide IT capabilities."

Midwich's acquisition programme had continued, with three transactions completed in the year and two "substantial deals" announced since year-end, Stephen Fenby added.

"As markets start to open up once more, I believe our business is well placed to enjoy further growth and success."

At 1215 GMT, shares in Midwich Group were up 1.21% at 500p.

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Midwich Group Market Data

Currency UK Pounds
Share Price 395.00p
Change Today -3.00p
% Change -0.75 %
52 Week High 521.00p
52 Week Low 340.00p
Volume 45,992
Shares Issued 103.25m
Market Cap £407.84m

Midwich Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
57.7% below the market average57.7% below the market average57.7% below the market average57.7% below the market average57.7% below the market average
10.11% below the sector average10.11% below the sector average10.11% below the sector average10.11% below the sector average10.11% below the sector average
Price Trend
32.46% below the market average32.46% below the market average32.46% below the market average32.46% below the market average32.46% below the market average
37.86% below the sector average37.86% below the sector average37.86% below the sector average37.86% below the sector average37.86% below the sector average
Income
49.49% above the market average49.49% above the market average49.49% above the market average49.49% above the market average49.49% above the market average
59.38% above the sector average59.38% above the sector average59.38% above the sector average59.38% above the sector average59.38% above the sector average
Growth
64.84% above the market average64.84% above the market average64.84% above the market average64.84% above the market average64.84% above the market average
66.67% above the sector average66.67% above the sector average66.67% above the sector average66.67% above the sector average66.67% above the sector average

What The Brokers Say

Strong Buy 2
Buy 2
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Midwich Group Dividends

  Latest Previous
  Interim Final
Ex-Div 21-Sep-23 04-May-23
Paid 27-Oct-23 16-Jun-23
Amount 5.50p 10.50p

Trades for 18-Mar-2024

Time Volume / Share Price
16:35 803 @ 395.00p
16:35 261 @ 395.00p
16:35 26 @ 395.00p
16:35 94 @ 395.00p
16:35 131 @ 395.00p

Midwich Group Key Personnel

Finance Director Stephen Lamb

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