Midwich Group (MIDW) H2 2025 TU earnings summary

Executive summary

• Revenue for 2025 expected at approximately £1.3bn, matching 2024, with a return to growth in the second half of the year.

• Adjusted profit before tax anticipated to be in line with Board expectations at £30m.

• Proactive growth initiatives and efficiency measures supported market share gains in key regions.

Financial highlights

• Gross margins remained stable year-over-year.

• Organic revenue declined 1.5% year-over-year, with a 3% drop in H1 and 0.5% growth in H2.

• Strong cash generation, with operating cash conversion exceeding 100% of adjusted EBITDA.

Outlook and guidance

• Positioned for continued organic and inorganic growth in the longer term.

• ERP deployment review ongoing, with completion expected by March 2026.

• Anticipates project activity in EMEA to pick up from 2026 as German education funding is now approved.