)
Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Midwich Group (MIDW) investor relations material
Midwich Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary9 Sep, 2025
Executive summary
Revenue declined 2.7% year-over-year on a constant currency basis to £620 million, with organic revenue down 3.5%, and H1 2025 revenue fell 4.3% to £620.3m, mainly due to German market softness.
Adjusted operating profit fell 23.4% to £16.6 million, and adjusted profit before tax dropped 44.1% to £9.6m.
Challenging market conditions persisted, especially in mainstream products and Germany, with price erosion and soft demand.
Cost base was reduced, including a 5% headcount reduction, £2 million overhead savings, and £3.1m in exceptional costs for restructuring.
Cash generation remained strong, with cash flow conversion at 60% in H1 and expectations of 70-80% for the full year.
Financial highlights
Gross margin was 17.7%, slightly down from H1 2024, with adjusted operating margin at 2.7%.
Adjusted EPS declined 38% to 6.91p; statutory basic EPS was a loss of 2.42p.
Interim dividend of 1.75p declared, reflecting a revised 25% payout ratio and new policy of four times full-year cover.
Adjusted net debt at period end was £148.2m, with leverage at 2.5x adjusted EBITDA, expected to fall to 2.2-2.3x by year-end.
Adjusted cash flow from operations was £13.3m, with adjusted cash flow conversion at 60.1%.
Outlook and guidance
Second half started positively, with seasonal demand peaks expected to improve net margins and organic sales growth anticipated.
Full-year outlook remains unchanged, with expectations for margin and profit improvement in H2.
Macroeconomic conditions, especially in Germany, France, and the US, expected to remain challenging.
Leverage expected to fall to 2.2-2.3x by year-end.
M&A activity paused but expected to recommence soon, with a healthy pipeline.
ERP investment: What's the write-off risk?
M&A restart: How will leverage be managed?
German stimulus: When will it boost education?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Midwich Group earnings date
H2 202517 Mar, 2026
Next Midwich Group earnings date
H2 202517 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage