21st Jul 2026 14:31
(Alliance News) - Midwich Group PLC on Tuesday said that the war in the Middle East had a "significant impact" on its business, but it still expects to report a rise in adjusted half-year pretax profit and revenue.
The Norfolk, England-based audiovisual technology company said adjusted pretax profit in the first half of 2026 is expected to be around GBP10.6 million, 10% higher than GBP9.6 million a year ago.
Revenue is anticipated to be up 3.2% at around GBP640 million compared to GBP620.3 million in the first half of 2025.
Midwich said: "As previously disclosed, our business in the Middle East was an important contributor to profit in 2025. The ongoing conflict in this region has had a significant impact on our business - particularly with customers engaged in the live events market. We have managed to compensate for part of this loss in business, and, although trading in this region is below last year, it has been a resilient performance under the circumstances."
The company noted growth "in many markets" helping to offset the anticipated impact of the ongoing Middle East conflict.
Chief Executive Officer Stephen Fenby said: "Although general market conditions remain challenging, we have been proactive in rolling out initiatives to drive improved future performance. These include developing new vendor and customer relationships, building new revenue streams and pursuing operating and cost saving efficiencies. These initiatives include exploring opportunities around implementing artificial intelligence solutions designed to improve the productivity of the business and drive future growth."
He added: "The group's long-term focus remains on higher margin, more specialist product areas and we continue to both target and exploit new growth opportunities, as well as retaining a tight focus on overhead efficiencies.
"Midwich remains well positioned for the year ahead and the group continues to deliver both organic and inorganic growth in the longer term. I would like to thank all of my colleagues across the group, together with our customers and vendor partners for their continued support."
Looking ahead, Midwich said it continues to expect that general macroeconomic conditions will remain challenging for the rest of 2026, but noted that it believes the impact should be at least partially mitigated. The firm anticipates that 2026 results will be broadly in line with 2025.
The company will release half-year result on September 22.
Midwich shares jumped 12% to 144.40 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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