Earnings, not impressed. Short remains. |
Dividend
The Board understands the importance of dividends for many of our investors and is pleased to recommend a final dividend of 7.5p per share which, if approved, will be paid on 4 July 2025 to all shareholders on the register as on 23 May 2025. The last day to elect for dividend reinvestment ("DRIP") is 13 June 2025. Coupled with the interim dividend of 5.5p per share, this represents a total dividend for the year of 13.0p per share (2023: 16.5p). The combined value of the interim and proposed final dividends is covered two times by adjusted earnings (2023: 2.3 times).
Given the challenging market backdrop, the Board believes that the full year dividend represents an appropriate balance between continuing to reward shareholders and maintaining a strong balance sheet.
Over the medium term the Board continues to support a progressive dividend policy to reflect the Group's planned growth and cash generation. |
 Outlook
The Group has a proven capability to grow ahead of its markets both organically and through acquisition. Whilst the challenging market conditions seen in 2024 have continued into 2025, and we do not expect a near-term improvement in market growth, I believe the Group is well positioned to take advantage of an upturn in demand.
Rather than just waiting for market conditions to improve, the team has sought to improve the business through a combination of new technology and vendor launches, and improving productivity.
We have further enhanced the strength of our relationships with customers and vendors alike over the last twelve months. However, our team is not complacent; we recognise that we operate in a competitive market where both vendors and customers have a choice of which partners to work with. Of our top 40 vendors in 2024, we were either exclusive or the number one distributor for the vast majority. Our focus is to ensure that we provide the best service possible and continue to develop our offering.
Having made eleven acquisitions in a short space of time, we took a decision to not pursue other transactions in the short term. We do, however, continue to engage with potential acquisitions and have an extensive opportunity pipeline and several interesting conversations in early stages.
In the short term, continued price deflation in mainstream product areas is expected to cause challenges to the growth of the business. In the meantime, the Group continues to develop new revenue sources, and ensure we operate as efficiently as possible.
With the global AV market expected to continue growing over the medium to long term, our Group is very well positioned for the future.
Stephen Fenby
Group Managing Director |
Pretty much results as expected with always present challenging macroeconomic conditions! The bigger question is howare they doiing in FY 2025. Hence current low end sp, and where from here nobody knows! |
Technical analysis trends
Short Term Mid-Term Long Term
Resistance 248 278 311
Support 228 228 204 |
seems to be nearing support |
Midwich Group PLC
227.00 GBX −4.00 (1.73%)
Mar 17, 16:35 GMT
234.00 GBX 08:05
Open
234.00
High
240.00
Low
227.00
Mkt cap
236.64M
P/E ratio
10.59
Div yield
7.27%
52-wk high
450.13
52-wk low
225.00 |
Two figures to note for comparison tomorrow:-
2023 £82.6M (£50M profit).
2024 £132.2M.
Continue to hold shorts (287 & 261). |
Looks like it. It seems a long way back up. Tuesday may give some clarity. |
Has everyone done a runner now? |
Tks W.
I think maybe do a runner prior to! |
Midwich will announce its final results for the year ended 31 December 2024 on 18 March 2025. |
3*
Midwich Group plc, a global specialist audio visual distributor to the trade market, issued a mixed trading update for the year ended 31 December 2024 this morning. The Group's revenue finished slightly over £1.3 billion, which was marginally ahead of prior year, and in line with guidance provided in the Group's trading update in October 2024...from WealthOracle
wealthoracle.co.uk/detailed-result-full/MIDW/1158 |
TU Monday , hope today's little jump is a sign of better things. |
Nice little recovery |
wad - When it comes to Germany, its called the blowing up of the Nord Stream pipe line = no longer getting cheap gas from Russia as prosperity depends on cheap energy. |
I am not clear why market conditions are so "challenging" at the moment, compared to say a year or two ago. It sometimes seems to be used by companies as a justification for poor performance, like blaming the weather. |
Oh well it makes the dividend reinvestment at a much cheaper price!! |
mmm no not good.
'However, whilst these overhead reductions will support increased operating profit margins in the second half of the year onwards, the Board expects adjusted operating profit for 2024 to be significantly below the prior year, reflecting the operational gearing of the business.'
Lower eps for this year I assume too. 23p maybe on a PE <10X. I think this will go lower before recovery. |
Not good. Could be painful for a while here. |
Sizeable volume pick up before ex tomorrow |
Seller cleared...finally? |
2024 PE approx 9 x at 305p5.4% income yield (2 x covered)Ex of 5.5p on Thursday as mentioned |
Abrdn maybe still offloading for whatever reasonWould be surprised if Fenby doesn't buy more soonMaybe he's waiting for any seller to finish |
Fingers Xd |
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