Midwich Group has provided a trading update for the six months ended 30 June 2020. Trading in much of the period was impacted significantly by the coronavirus pandemic. As a result, group revenue for H1 2020 is expected to be around 4% below the same period last year, with a decline in underlying sales of around 22%.
Due to product mix, gross margins are also expected to be up to 2.5 percentage points lower. Actions taken to reduce operating expenditure mean the board expects the group to be profitable in H1 2020, but at a level significantly below the same period last year.