StockMarketWire.com - Audio visual distributor Midwich scrapped its 2019 final dividend as part of measures to conserve capital that also included tighter controls on working capital and overheads.

The company said that in January it had signed a new three-year £50m revolving credit facility, which had unutilised capacity of £37.8m.

It also had numerous working capital facilities, totalling over £100m, which it said provided further funding flexibility.

'The board believes that this balance sheet strength, together with a strong and supportive relationship with our banking partners, means that the group is well placed to deal with current uncertainties' Midwich said.

'The board notes that, although our end user markets have been adversely affected by the Covid-19 situation to varying degrees, the group continues to supply solutions into critical end user markets and also to facilitate remote working and communication.'

'In particular, working with its customers, the group has recently supplied solutions to support the UK and Italian governments in their battle with Covid-19.'


At 1:21pm: [LON:MIDW] Midwich Group PLC share price was -21p at 369p



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