0R15 8884.0068 1.4156% 0R1E 9171.0 0.0% 0M69 None None% 0R2V 255.5 0.0% 0QYR 1619.0 0.0% 0QYP 434.5 0.0% 0RUK None None% 0RYA 1606.0 4.9673% 0RIH 195.2 1.3763% 0RIH 195.2 0.0% 0R1O 225.5 9900.0% 0R1O None None% 0QFP None None% 0M2Z 255.0 0.2457% 0VSO 33.3 -6.4738% 0R1I None None% 0QZI 604.0 0.0% 0QZ0 220.0 0.0% 0NZF None None% 0YXG 246.8 2.9706%
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Midwich (LSE:MIDW) Achieves Record Gross Margin of 17% in H1FY24 Driven by Technical Product Sales
Highlights
Midwich Group PLC (LSE:MIDW), an FTSE AIM UK 50 Index company, specializes in distributing audiovisual (AV) products to the trade market.
In the first half of the financial year 2024 (H1FY24), Midwich Group achieved a 5.8% increase in revenue, reaching GBP 646.1 million, compared to GBP 610.4 million in H1FY23. On a constant currency basis, revenue grew by 7.5%, although organic revenue declined by 1.2%. North America saw strong organic growth, while other regions experienced slight declines. The group believes its performance exceeded overall market declines, maintaining or growing market share in key regions.
Gross profit also saw a notable rise in H1FY24, increasing by 12.2% YoY to GBP 111.8 million from GBP 99.6 million in the prior year. The gross margin reached a record 17.3%, up 1 percentage point from H1FY23. The company recorded significant improvements in EMEA and North America in H1FY24, driven by a higher proportion of technical product sales, following recent acquisitions.
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