Sep 03, 2024 / NTS GMT
Stephen Fenby - Midwich Group PLC - Group Managing Director, Executive Director
Good morning everyone and welcome to the Midwich Group 2024 half-year results presentation. We came into this year expecting the first half to be relatively challenging compared with 2023 and so it's proved to be. Nonetheless, we've had some significant achievements in the period.
Our group revenue grew by 8% on a constant currency basis to a new group record. Our gross margins also achieved a record for the period of 17.3%. Our North American business performed strongly but other markets, particularly the UK and Ireland, have been soft and we saw some price erosion in mainstream product areas caused by oversupply. Our technical sales grew strongly.
I think this year our focus on technical products and our entry into the US and the Middle East particularly have helped to mitigate some of the mainstream product pressures. We kept our overheads under control but as the period developed we realised we needed to make some adjustments to our cost base so we've gone through a realignment exercise. This will have some
Half Year 2024 Midwich Group PLC Earnings Call Transcript
Sep 03, 2024
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