Midwich Group AIM:MIDW
- Founded
- 1979 · Diss, England
- Incorporated
- United Kingdom
- Chief executive
- Stephen Fenby
- Employees
- 1,859
- Reports in
- GBP
- Companies House
- 08793266
Specialist trade distributor of audiovisual equipment, supplying displays, projectors, technical video, audio and lighting to AV integrators and resellers across the UK, Europe, North America and Asia-Pacific. Adds value through technical expertise and vendor relationships with manufacturers such as Samsung, LG and Epson.
Read straight from the annual reports
185p at close on 2 Oct 2026 · 11 reported years, 2015–2025
| Line | FY201512/15 | FY201612/16 | FY201712/17 | FY201812/18 | FY201912/19 | FY202012/20 | FY202112/21 | FY202212/22 | FY202312/23 | FY202412/24 | FY202512/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | later 1,295 | |||||||||||
| Gross profit | later 226.1 | |||||||||||
| Operating profit | later 24.9 | |||||||||||
| Adjusted operating profit | later 30.3 | vs 48.9 | ||||||||||
| Exceptional items | — | — | — | — | — | — | ||||||
| Net finance cost | later 3.9 | later 9.6 | ||||||||||
| Profit before tax | later 21.0 | |||||||||||
| Adjusted profit before tax | — | — | vs 39.1 | |||||||||
| Tax charge | ||||||||||||
| Profit for the year | ||||||||||||
| EBITDA | ||||||||||||
| Adjusted minus statutory PBT | — | — | ||||||||||
| Basic EPS | ||||||||||||
| Diluted EPS | ||||||||||||
| Adjusted EPS | — | — | ||||||||||
| Dividend per share | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
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Market share gains with existing and new vendors across a diverse product/geographic portfolio
Strong revenue and profit growth in UK&I due to market share gains and new vendors; robust performance in EMEA with revenue growth in region excluding Germany
page 3LED displays and projection
LED solutions continued to experience strong growth, up 9% in the year, and command higher gross margin than mainstream products
page 13Record gross margin from continued shift to higher-value technical products
Gross margin - continuing business maintained at record 17.7% (2024: 17.7%); long-term trend reflects further progress towards increased specialisation.
page 24Cost base management/restructuring
Group headcount fell from over 1,900 to around 1,750 across the year; restructuring costs of £8.7m targeting cost reduction activities to increase future productivity.
page 28The Board believes the Pro AV market is expected to grow faster than overall GDP for the next five years and the Group is well placed to benefit from this.
page 9Stephen Lamb resigned as CFO/Director on 27 February 2026; Adam Councell was appointed Group CFO and Director on 2 March 2026.
page 83Progressive dividend policy re-calibrated in the year to a c.0.25% payout ratio of adjusted EPS to balance shareholder returns with reinvestment for growth. FY2025 dividend: interim 1.75p plus proposed final 3.5p, totalling 5.25p (2024: 13.0p), covered four times by adjusted earnings (2024: two times). Final dividend payable 3 July 2026 to shareholders on the register 22 May 2026; last day to elect for DRIP is 12 June 2026.
page 9Unqualified ('true and fair') audit opinion from RSM UK Audit LLP; no material uncertainties identified relating to going concern. Group and parent company overall materiality of £3,000,000 and £1,410,000 respectively. Key audit matters: revenue recognition cut-off, impairment of goodwill (mainly Asia Pacific CGU headroom of £2.3m), and carrying value of the ERP intangible asset (impaired by £27.0m in the year). Going concern assessed over base case, downside scenario and reverse stress test to 31 December 2027; no breach of RCF covenants (Group Leverage <3x adjusted EBITDA, Interest Cover >4x) under base case in 2026 or 2027.
page 84- Acquisition benefits may not be realised - integration risk from historic/future M&Ap.54
- Loss of key customers - customer base has no formal ongoing purchasing commitment and can terminate relationships with little/no noticep.54
- Loss of key vendors - majority of vendor relationships are terminable with no or limited notice; vendor concentration riskp.55
- Macroeconomic challenges - interest rates, inflation, input cost inflation, tariffs impacting demand and borrowing costsp.55
Read from C000845-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 23 Mar 2027