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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Midwich Group
Midwich Group (MIDW) investor relations material
Midwich Group H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary22 Sep, 2026
Executive summary
Revenue grew 3.2% year-over-year to £640.3m, driven by strong performance in the UK, Iberia, and US, offsetting declines in the Middle East, Germany, and Canada.
Adjusted profit before tax rose 10.3% to £10.6m, with adjusted operating profit margin stable at 2.7%.
Interim dividend increased 8.6% to 1.9p per share.
Market share gains achieved in key markets and strategic areas such as audio, lighting, and unified communications.
No acquisitions completed in the period, but M&A remains a strategic priority and pipeline is healthy.
Financial highlights
Gross margin slightly decreased to 17.4% from 17.7% due to product mix and lower Middle East sales.
Adjusted EPS increased 13.7% to 7.86p.
Statutory profit before tax returned to £4.3m from a prior year loss.
Net debt (excluding leases) reduced by £10m year-over-year to £138.1m; leverage at 2.4x, expected to fall to 2.0x by year-end.
Working capital outflow of £23.9m, reflecting seasonal demand, especially in education.
Outlook and guidance
Full-year outlook remains unchanged; trading in line with Board’s profit expectations.
Board assumes no improvement in macroeconomic conditions for the remainder of the year and expects challenges to persist through 2026.
Order book values up around 10% year-over-year.
Continued focus on quality growth, operating efficiency, and both organic and M&A-driven expansion.
Dividend policy revised to a payout ratio of ~25% of adjusted EPS.
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Latest events from Midwich Group
- H1 2026 profit up 10% and revenue up 3%, with strong UK & North America growth offsetting EMEA declines.MIDW
Q2 2026 TU - Revenue down 1.5% to £1.27bn, profit fell 10%, but cash generation and 2026 outlook remain strong.MIDWH2 2025
- 2025 revenue steady at £1.3bn, H2 growth, strong cash, UK & Ireland up 7%, profit in line.MIDWH2 2025 TU
- H1 2025 revenue fell 4.3%, but full-year outlook remains unchanged amid ongoing market challenges.MIDWTrading Update
- Revenue and profit fell, but margins and cash flow remained robust; H2 outlook is positive.MIDWH1 2025
- Record revenue and gross margin driven by technical and North American growth; outlook steady.MIDWH1 2024
- Record revenue and margin growth driven by technical focus and M&A amid tough market conditions.MIDWH2 2024
Midwich Group
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Frequently asked questions
Midwich Group plc is a specialist audio visual (AV) distributor serving the trade market. The company operates across Europe, the Middle East, Africa (EMEA), North America, and Asia Pacific. Its extensive product portfolio includes displays, projectors, technical AV, broadcast, professional audio, lighting, and unified communications solutions. Midwich Group caters to professional AV integrators and IT resellers in various sectors, including corporate, education, retail, residential, and hospitality. Established in 1979 and headquartered in Diss, United Kingdom, Midwich Group plc is publicly traded on the London Stock Exchange.