Midwich is today providing a trading update for the six months ended 30 June 2018.
The group has traded well in the first half, with good top-line growth delivered across all of its geographies on a constant currency basis. Overall gross margins have improved, helped by the contribution of the three businesses acquired in 2017.
Cash generation in the first half has been slightly behind the board’s expectations, due to an investment in working capital later in the period. The board continues to expect cash generation for the current year as a whole to be in line with the group’s long term average performance.
As a result of this encouraging first half performance, and current positive sales momentum, the board now anticipates that the group’s performance for the current full year will be ahead of its previous expectations.