Midwich Group PLC
LSE:MIDW
Midwich Group PLC
Midwich Group Plc engages in the distribution of audio-visual and document solutions. The company is headquartered in Diss, Norfolk and currently employs 1,095 full-time employees. The company went IPO on 2016-05-06. The firm's segments include United Kingdom and Ireland, Europe, the Middle East and Africa ( EMEA), Asia-Pacific (APAC) and North America. The firm provides a portfolio of audiovisual categories, such as large format displays, projectors, digital signage and professional audio. The firm's brands include Absen LED, BARCO, biamp., BrightSign, EPSON, HARMAN, Legrand, LG, Logitech, SONY, SHARP, NEC, PHILIPS, poly, SHURE, SMART, SONOS, SAMSUNG, peerless-AV and Panasonic. The firm serves AV integrators and information technology (IT) resellers in corporate, education, retail, residential and hospitality sectors.
Midwich Group Plc engages in the distribution of audio-visual and document solutions. The company is headquartered in Diss, Norfolk and currently employs 1,095 full-time employees. The company went IPO on 2016-05-06. The firm's segments include United Kingdom and Ireland, Europe, the Middle East and Africa ( EMEA), Asia-Pacific (APAC) and North America. The firm provides a portfolio of audiovisual categories, such as large format displays, projectors, digital signage and professional audio. The firm's brands include Absen LED, BARCO, biamp., BrightSign, EPSON, HARMAN, Legrand, LG, Logitech, SONY, SHARP, NEC, PHILIPS, poly, SHURE, SMART, SONOS, SAMSUNG, peerless-AV and Panasonic. The firm serves AV integrators and information technology (IT) resellers in corporate, education, retail, residential and hospitality sectors.
Revenue Decline: Midwich Group reported H1 2025 revenue of GBP 620 million, down 2.7% year-on-year on a constant currency basis and 3.5% on an organic basis.
Profit Drop: Adjusted operating profit fell by 23.4% compared to last year, with adjusted EPS down 38%.
Margin Pressure: Gross margin dipped slightly to 17.7% after record levels in 2024, affected by price erosion and mix changes.
Cost Actions: Headcount was reduced by over 5% and overheads were cut, generating GBP 5 million in annualized savings.
Cash & Leverage: Strong cash conversion at 60% and leverage at 2.5x adjusted EBITDA, expected to decline to 2.2–2.3x by year-end.
Dividend Policy: Interim dividend set at 1.75p per share, with a new policy targeting 4x full year cover (25% payout ratio).
Regional Trends: UK & Ireland saw growth with improved margins and profit, but Germany, France, and Canada underperformed.
Outlook Unchanged: Full-year outlook remains unchanged; management expects improvement in H2 driven by seasonality, cost cuts, and new vendors.
