20th Jul 2018 09:42
LONDON (Alliance News) - Midwich Group PLC on Friday said it expects its annual results to beat guidance after it saw a strong trading in the first half of 2018.
For the six months to the end of June, the visual technology company said it saw good top-line growth delivered across all of its geographies on a constant currency basis.
Midwich also said margins improved, helped by the contribution of the three businesses acquired in 2017.
In December last year, the company purchased audio & lighting solutions distributor Sound Technology Ltd for an undisclosed sum. It also acquired a 70% stake in Gebroeders van Domburg BV for EUR2.1 million in September 2017 and bought a majority stake in Earpro SA for EUR9.7 million in March 2017.
However, Midwich warned that cash generation in the first half of 2018 has been slightly behind its expectations, due to an investment in working capital.
"As a result of this encouraging first-half performance, and current positive sales momentum, the board now anticipates that the group's performance for the current full year will be ahead of its previous expectations," the company said in the statement.
Midwich plans to announce its half-year result on September 11.
Midwich shares were up 6.2% at 703.25 pence on Friday morning.
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