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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Midwich Group Plc | LSE:MIDW | London | Ordinary Share | GB00BYSXWW41 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
15.00 | 3.61% | 430.00 | 424.00 | 430.00 | 427.00 | 410.00 | 425.00 | 3,115,213 | 16:35:06 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 1.2B | 15.29M | 0.1481 | 28.83 | 440.88M |
TIDMMIDW
RNS Number : 9465H
Midwich Group PLC
30 March 2020
30 March 2020
Midwich Group plc
("Midwich", the "Company" or the "Group")
COVID-19 update
Midwich, a specialist audio visual distributor to the trade market, today provides an update in light of the constantly evolving COVID-19 situation.
Throughout this crisis we have prioritised protecting the health and wellbeing of our team, utilising particularly our remote working capabilities.
The situation in respect of COVID-19 continues to evolve rapidly across the countries in which the Group operates. The extent to which our business is currently affected varies by country, but we have taken actions across the Group to preserve cash and liquidity. Measures undertaken include the temporary suspension of acquisition activities and capital expenditure together with tighter controls on working capital and overheads. To further preserve cash, the Board has taken the decision to withdraw its intention to propose a final dividend for 2019.
Balance sheet and liquidity
In January 2020, the Group signed a new three year GBP50 million revolving credit facility which has unutilised capacity of GBP37.8 million. This facility also includes a GBP30 million accordion option and can be extended by a further two years, both at the bank's discretion. In February 2020, the Group successfully completed an equity fundraising of GBP39.7m, of which GBP21m was used in connection with the acquisition of Starin Marketing, Inc. The Group also has numerous working capital facilities (totalling over GBP100 million) which provide further funding flexibility to our businesses. At 31 December 2019, the Group had closing adjusted net debt/adjusted EBITDA of 1.4x. The Board believes that this balance sheet strength, together with a strong and supportive relationship with our banking partners, means that the Group is well placed to deal with current uncertainties.
The Board notes that, although our end user markets have been adversely affected by the COVID-19 situation to varying degrees, the Group continues to supply solutions into critical end user markets and also to facilitate remote working and communication. In particular, working with its customers, the Group has recently supplied solutions to support the UK and Italian governments in their battle with COVID-19.
Current trading
While it is too early to accurately determine the evolving impact of COVID-19 on the Group's performance in the current financial year, the Board believes that the audio visual industry is one of long term structural growth and that we are well positioned for when markets begin to return to normal.
Annual General Meeting ("AGM")
The Company is not authorised under its articles to hold a virtual or hybrid AGM, so the AGM will take place on 11 May 2020 and, subject to changes in government guidance, it will be held at Midwich's office in Diss Norfolk. The Board will be encouraging shareholders to submit their proxies as early as possible. In the exceptional current circumstances, the Board considers the health of the Company's shareholders and its employees to be of paramount importance and asks shareholders not to attend the meeting in person. Final details of the AGM will be confirmed when the 2019 Annual Report is published and distributed in the coming weeks.
For further information:
Midwich Group plc Tel: +44 (0) 13 Stephen Fenby, Managing Director 7964 9200 Stephen Lamb, Finance Director Investec Bank plc (NOMAD and Joint Broker Tel: +44 (0) 20 to Midwich) 7597 5970 James Rudd Carlton Nelson Berenberg (Joint Broker to Midwich) Tel: +44 (0) 20 Ben Wright 3207 7800 Mark Whitmore Alix Mecklenburg-Solodkoff FTI Consulting Tel: +44 (0) 20 Alex Beagley 3727 1000 Tom Hufton Fern Duncan Rafaella de Freitas
About Midwich Group
Midwich is a specialist AV distributor to the trade market, with operations in the UK and Ireland, Continental Europe, Asia-Pacific and North America. The Group's long-standing relationships with over 500 vendors, including blue-chip organisations, support a comprehensive product portfolio across major audio visual categories such as large format displays, projectors, digital signage, unified communications and professional audio. The Group operates as the sole or largest in-country distributor for a number of its vendors in their respective product sets.
The Directors attribute this position to the Group's technical expertise, extensive product knowledge and strong customer service offering built up over a number of years. The Group has a large and diverse base of over 20,000 customers, most of which are professional AV integrators and IT resellers serving sectors such as corporate, education, retail, residential and hospitality. Although the Group does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.
Initially a UK only distributor, the Group now has 1,000 employees across the UK and Ireland, Continental Europe, Asia-Pacific and North America. A core component of the Group's growth strategy is further expansion of its international operations and footprint into strategically targeted jurisdictions.
For further information, please visit www.midwichgroupplc.com
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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March 30, 2020 02:00 ET (06:00 GMT)
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