What They Say
A bellwether of the ProAV market in the UK (mainly but also with business in Europe and the US) is the Midwich group, the key distributor in that segment. The firm said that by June of this year, the firm had already matched its 2019 sales in displays and projectors. It hit the 2019 revenue level in 2021, despite the continued Covid-19 restrictions at the time. The firm said that its growth in its European operations were ‘virtually double’ the level seen in the UK and the US, which are more mature markets. The firm highlighted the education markets in Germany and France as doing particularly well.
The Midwich Group posted overall revenues of £390 million ($538 million) for the six months ended 30 June, up 29% year on year. Gross profit was up 15% to £59 million ($81 million), and adjusted profit after tax up 289% at £9.4 million ($13 million). The UK, which is around 38% of the overall business, remains behind the 2019 level, with corporate business weak.
What We Think
It’s good to see the markets recovering. (BR)
