Mar 18, 2025 / 09:30AM GMT
Stephen Fenby - Midwich Group PLC - Group Managing Director, Executive Director
Good morning, everyone and welcome to the Midwich Group 2024 final results. It's great to see so many people here in the room. For those people joining us online, please feel free to write questions and then we can deal with those at the end of the presentation. So if we start with the financial and strategic highlights, in a challenging market, we delivered record revenues and gross margins. Once again, we had a strong performance from our strategic product areas such as audio, lighting, and technical video. However, tight markets for mainstream display and projection products, particularly in education and corporate, and an oversupply, led to some significant price erosion. The market had expected to start seeing this reverse in H2, but it didn't, and indeed it still has not.
We undertook a cost mitigation exercise with expected annual savings of around GBP5 million. Our operating cash generation was above expectations with leverage of around 2 times.
We made four acquisitions in the year which are now
Full Year 2024 Midwich Group PLC Earnings Call Transcript
Mar 18, 2025
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