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Midwich expects 4% YoY revenue growth in 2020

Audio-visual distributor Midwich Group has revealed that despite the impact of the novel coronavirus (Covid-19) pandemic, it expects its revenue for 2020 to increase 4% year-on-year.

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Revenue was up despite a 14% decline in sales for the year

In a trading update, Midwich says revenue for the year is set to reach £710m.

Underlying sales before the effect of in-year acquisitions were 7% lower in the second half of the year than in the previous year, compared with 22% lower in the first half, giving an overall decline of 14% for the year.

As a result of this performance, Midwich anticipates reporting adjusted profit before tax for 2020 of approximately £14m, which would be significantly ahead of its initial expectations.

In addition, the company’s focus on working capital management led to strong cash generation, with net debt set reduce to approximately £20m, down from £53m in 2019.

Despite significant challenges, we managed to continue our long-term year-on-year revenue growth

“Despite significant challenges, we managed to continue our long-term year-on-year revenue growth,” Midwich group managing director Stephen Fenby says.

“Although markets for many of our higher margin product areas were significantly depressed - and continue to be so - I am pleased that the group was able to grow its share of the business available.  

“This demonstrates that our service levels have remained high and that we are well placed to capitalise on future market demand when it returns fully.”

Midwich plans to announce its final results for the year ended December 31st, 2020 on March 9th.

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