Published on July 22nd, 2019 | by The GC Team0
Midwich sees first-half trading growth
Midwich Group today provided a trading update for the six months ended 30 June 2019, stating that is has traded well in the first half, with top-line organic growth being supported by a strong contribution from recent acquisitions.
Growth was achieved across all geographies on a constant currency basis, the business said, with Continental Europe and APAC performing particularly well. Overall gross margins improved marginally on the prior year period.
A statement released today said: “The Group has acquired four businesses in the year to date and all are developing as expected. These businesses have given the Group access to three new geographical territories (Italy, Switzerland and Norway) as well as strengthening its capabilities in the audio and lighting segments.”
Cash generation in the first half was slightly ahead of the Board’s expectations and is expected for the current year as a whole to be in line with the Group’s long-term average performance.
Group performance for the current full year remains unchanged.
Midwich will announce its half-year results for the six months ended 30 June 2019 on 10th September 2019.