Adrian J Cotterill, Editor-in-Chief
Midwich Group plc, a global specialist audio visual distributor to the trade market, held its Annual General Meeting today at the Group’s head office. At the meeting Andrew Herbert, Chairman, made the following statement:
“Against the backdrop of the Covid-19 crisis, the Group delivered a robust performance in 2020, achieving revenue growth and strong cash generation, developing our vendor portfolio and successfully completing two important strategic acquisitions which gave us a presence in the North American and Middle Eastern markets. The Board believes that the strategic development achieved in 2020 has significantly strengthened the Group’s market position. We remain committed to our established strategy of delivering strong organic growth, supplemented by targeted acquisitions, as well as building our expertise in a broader range of markets and products. The Board was delighted to welcome the eLink team to our Group in April, strengthening further our capabilities and presence in the unified communications market.
Despite further significant lockdowns in early 2021, trading in the first four months of the year has been ahead of the Board’s expectations, and significantly ahead of the comparative period last year. Although a number of the Group’s end user markets are expected to remain subdued for some time, good progress has been made in the rest of the business and all government employment support has now ceased. Should vaccine programmes continue to progress successfully in the Group’s key markets, the Board now expects that revenue and profit for the full year will be comfortably ahead of its original expectations.
In view of this continued progress and encouraging outlook, the Board is pleased to declare the resumption of dividend payments starting with a special dividend of 3p per share, which will be paid on 2 July 2021 to shareholders who are on the register at 21 May 2021. The Board expects to pay both interim and final dividends for the current financial year, payable in October 2021 and June 2022 respectively. “
Midwich will later announce a trading update for the six months to 30 June 2021 on 20 July 2021.
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