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Midwich Group (LSE:MIDW), a leading global distributor of audio-visual (AV) solutions, has reported record revenue and gross margins in its audited full-year results for the period ending 31 December 2024. Despite ongoing macroeconomic challenges, the company demonstrated resilient financial performance.

Revenue grew by 1.7% to £1.317 billion from £1.295 billion in 2023, with an increase of 3.5% on a constant currency basis. Midwich also achieved its highest-ever gross profit margin of 17.8%, significantly ahead of the 17.5% recorded in 2023.

Adjusted operating profit stood at £48.3 million, down from £59.6 million in the previous year, reflecting the impact of tough market conditions. Cash flow conversion of 97% highlights the company’s financial discipline. Net debt to adjusted EBITDA remained at 2.0x, aligning with Board expectations.

A final dividend of 7.5p per share has been proposed, bringing the total 2024 dividend to 13.0p, compared to 16.5p in 2023. The dividend cover remains at 2.0x, ensuring a balanced approach to shareholder returns and business investment.

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