Midwich has announced the group delivered a strong performance in 2019, achieving revenue and profit growth while successfully completing four acquisitions. Chairman Andrew Herbert, said: “We remain committed to our established strategy of delivering strong organic growth, supplemented by targeted acquisitions, as well as building our expertise in a broader range of markets and products.
“The coronavirus crisis has led to very challenging trading conditions over the past two months and we anticipate this will continue at least until lockdown conditions, particularly in Europe and North America, are significantly eased. At this stage it is unclear how quickly overall business will return to more normal levels.”
Herbert also stated that the actions taken across the group to preserve cash and liquidity and reduce cost coupled with its strong balance sheet and extensive credit facilities gives the board confidence that the group is well placed to deal with the continuing uncertainty, and that it will be in a strong position to respond once markets start to recover.