Midwich Group (MIDW)

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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 reports record full-year financial performance

By Josh White

Date: Tuesday 14 Mar 2023

LONDON (ShareCast) - (Sharecast News) - Specialist audio visual distributor Midwich Group reported a record financial performance and further market share gains in its final results on Tuesday.
The AIM-traded company said its revenue increased 40.7% to £1.2bn, which it put down to strong organic growth globally and contribution from the acquisitions of DVS and Nimans.

Its revenue growth at constant exchange rates came in at 38.6%, which included 20.7% organic growth.

Adjusted profit before tax grew 41.5% year-on-year in the 12 months ended 31 December to £45.2m, or 37.5% on a constant currency basis.

The net debt-to-adjusted EBITDA ratio at year end narrowed to 1.6x from the interim period, which the board said was "well within" its comfort range.

Its directors proposed a final dividend of 10.5p, taking the full-year dividend to 15p, up from 11.1p in 2021, excluding the special dividend of 3p per share.

"We have delivered an outstanding performance this year, with revenues increasing 40.7% to over £1.2bn, a record level, made significant market share gains and entered new markets," said managing director Stephen Fenby.

"2022 saw the strongest annual growth in the group's history - our organic growth was supplemented by a significant contribution from the two UK businesses acquired early in the year.

"Earnings per share was 26.6% higher than in 2019 - the last full pre-pandemic year."

Fenby said the impact of the pandemic somewhat cooled in the period, with product shortages easing - but not completely - and the cost of shipping containers reducing significantly during the year.

"We saw the resumption of a significant part of the live events and hospitality markets, and the corporate market strengthened during the year.

"Although still early into the new financial year and mindful of the slower general economic conditions and higher interest rate environment, we remain confident that 2023 will see yet another year of growth in excess of the overall market."

At 1333 GMT, shares in Midwich Group were up 4.57% at 458p.

Reporting by Josh White for Sharecast.com.

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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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