StockMarketWire.com - Specialist audio visual distributor Midwich swung to a first-half loss, citing a reduction in demand due to Covid-19 restrictions.

Pre-tax losses for the six months through June amounted to £2.5m, compared to a profit of £11.3m on-year.

Revenue fell 4.1% to £302.0m, while adjusted operating profit slumped 72% to £4.1m.

Midwich said revenue had been recovering month-on-month since April.

'The coronavirus pandemic has been a shock to the global economy, however we believe that the AV industry is well placed for the future,' chief executive chief executive Stephen Fenby said.

'We see no overall change in long term prospects for the industry.'

'Although some segments of the market may be slower to recover, other trends, such as the increased adoption of UC, have unsurprisingly accelerated.'


At 9:26am: [LON:MIDW] Midwich Group PLC share price was +12p at 412p



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