Midwich Group (MIDW)

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Support

Index:

FTSE AIM 50

400.00p
   
  • Change Today:
      5.00p
  • 52 Week High: 521.00
  • 52 Week Low: 340.00
  • Currency: UK Pounds
  • Shares Issued: 103.25m
  • Volume: 18,555
  • Market Cap: £413.01m

Midwich ends bumper year above expectations

By Josh White

Date: Wednesday 18 Jan 2023

LONDON (ShareCast) - (Sharecast News) - Audio-visual trade distribution specialist Midwich Group said in an update on Wednesday that it finished 2022 "strongly", adding that it now expected to report full-year revenue of £1.2bn, making for year-on-year growth of 40%.
The AIM-traded firm said growth was 39% at constant currency, while organic growth was over 20%, as its gross margin remained "broadly in line" with 2021 levels.

As a result of its strong performance, the board said it now anticipated reporting adjusted profit before tax for 2022 "comfortably ahead" of market consensus.

Adjusted net debt at year-end was under £100m, representing around 1.7x adjusted EBITDA, in line with its own expectations.

Cash generation was between 50% and 60%, which was also in line with the board's expectations given the group's strong revenue growth.

In order to support the delivery of its acquisition pipeline, in December the company increased its revolving credit facility to £175m from £80m.

"2022 saw the strongest annual growth in the group's history, with revenue increasing by over 40% to £1.2bn," said group managing director Stephen Fenby.

"This significant revenue growth led to a record profit performance, for which I would like to thank the team and our partners for their continued support.

"Despite continued general economic uncertainty and rising interest rates, the strength of the business and expected growth of the AV market lead the board to look forward to 2023 and beyond with confidence."

Midwich said it would announce its final results for the year ended 31 December on 14 March.

At 1257 GMT, shares in Midwich Group were up 10.16% at 542p.

Reporting by Josh White for Sharecast.com.

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Midwich Group Market Data

Currency UK Pounds
Share Price 400.00p
Change Today 5.00p
% Change 1.27 %
52 Week High 521.00
52 Week Low 340.00
Volume 18,555
Shares Issued 103.25m
Market Cap £413.01m

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 19-Mar-2024

Time Volume / Share Price
09:47 2,000 @ 399.00p
09:47 50 @ 400.00p
09:45 2,496 @ 401.00p
09:44 77 @ 400.00p
09:44 1,030 @ 401.00p

Midwich Group Key Personnel

Finance Director Stephen Lamb

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