AGM Statement
Midwich Group plc has reported that its performance in the first quarter of 2026, excluding its Middle East business, has been in line with Board expectations, with improvements noted in the UK and Southern Europe, though Germany and Canada continue to experience slow demand. The ongoing conflict in the Middle East has materially impacted the region's business, with activity significantly below normal levels. The company is focused on strategic progress, market share growth, and operational efficiencies, and anticipates further geographic expansion and capability enhancement through targeted acquisitions, remaining optimistic about long-term prospects. A trading update for the six months to 30 June 2026 is scheduled for 21 July 2026.
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Midwich Group (AIM: MIDW), a global specialist audio visual distributor to the trade market, will hold its Annual General Meeting at 10.00am today at the Group's head office in Diss.
At the meeting Andrew Herbert, Chairman, will make the following statement:
"In the year to date, the Midwich Group (Midwich) has continued to make further strategic progress across its key focus areas, continuing to take market share, developing new revenue streams, driving operational efficiencies and ensuring the Group is ready to capitalise on prospects as market conditions allow sales momentum to build.
The challenging market conditions seen in recent periods have started to ease in some regions, with the UK and Southern Europe in particular seeing improvements. Overall, excluding our Middle East business, the Group has performed in line with the Board's expectations in the first quarter, with strong performance in the UK and Southern Europe offsetting continued slow demand in Germany and slower than expected recovery in our Canadian business following the loss of a key vendor in 2025.
As highlighted at the time of our Full Year Results on 17 March 2026, we continue to closely monitor the impact of the conflict in the Middle East. The prolonged nature of the conflict has materially affected our business in the region, with activity remaining significantly below its normal run-rate. We remain focused on supporting customers via our high-quality team on the ground and look forward to the business returning to normal activity levels when conditions allow.
We continue to see significant opportunities to both grow faster than the overall market and take further action to drive efficiencies across the business in the current year. In due course and when appropriate we anticipate further expanding our capabilities and geographic coverage through further targeted acquisitions and we remain optimistic about the long-term prospects for the business."
Midwich intends to announce a trading update for the six months to 30 June 2026 on 21 July 2026.
| Midwich Group plc Stephen Fenby, Group Chief Executive Officer Adam Councell, Group Chief Finance Officer | +44 (0) 1379 649200 |
| Investec Bank plc (NOMAD and Joint Broker to Midwich) Carlton Nelson / Tom Brookhouse | +44 (0) 20 7597 5970 |
| Berenberg (Joint Broker to Midwich) Ben Wright / Milo Bonser | +44 (0) 20 3207 7800 |
| FTI Consulting Alex Beagley / Matthew Young / Harleena Chana | +44 (0) 20 3727 1000 midwich@fticonsulting.com |
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