UK‘s Midwich (MIDW) sees stock rise 10% after profit update
09:57, 15 December 2021
AIM-listed Midwich Group saw its stock price rise 10% to 642p in mid-morning trade after raising its full-year profit guidance in an update on Wednesday.
The UK-based specialist audiovisual (AV) distributor to the trade market reported today that despite ongoing product shortages, the company’s trading performance has been stronger than expected since its interim results, published in September.
Midwich reported that the UK, Ireland, Europe, Middle East and Africa regions performed particularly well.
Ahead of expectations
The board at Midwich expects that adjusted profit before tax for the year ending December 2021 would not be less than £30m, which is materially ahead of its previous expectations.
The group has made two acquisitions this year – eLink Distribution based in Hamburg, which provides audio-visual communication and network solutions to trade customers in Germany, Austria and Switzerland, and NMK Group, which is based in the UAE and Qatar.
NMK is a distributor of AV products and represents Midwich’s entry into the Middle-Eastern market.
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