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Midwich H1 underlying sales down 22 per cent

The downturn in underlying sales has been caused by the ongoing coronavirus pandemic

Midwich Group has seen its underlying sales for the first half of 2020 drop by 22 per cent, its latest trading statement shows.

While trading for H1 2020 was heavily affected by the coronavirus pandemic, the Group revenue for H1 has fallen by just four per cent compared to the same period in 2019, with gross margins down by up to 2.5 per cent lower.

Having taken steps to reduce operating expenditure, Midwich says it still expects to be be profitable in H1 but at a level significantly below the same period last year.

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As for the future, the company said that the ongoing challenging market conditions are likely to have a significant impact on its business for the remainder of year. However, it also suggested that, should the momentum seen in the market over the past two months continue for the rest of the year, the second half of the year will deliver a better trading performance.

Find out more here.