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.
You may also be interested in:
- ‘Hardest hit markets will see strongest growth in 2021’: AVIXA exec responds to biz report
- Global AV biz to shrink by $20 billion in 2020 says market report
- Sennheiser to cut 650 jobs by 2022
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.