Midwich drops as it fails to deliver profit growth

The share price of audio visual distributor Midwich (LON:MIDW) fell by 6.40% to 570p (as of 11:50 GMT) after it reduced its guidance on pre-tax profits for the year. Management said that revenues were on track but that the shortage of large projects had prevented them from making progress on gross margins.

The company remains confident in its future prospects and has invested in key business areas as well as making a number of acquisitions over the year.