Midwich reports strong revenue and profit growth on all fronts
Midwich Group plc, the Norfolk-based specialist audio visual distributor to the trade market, increased revenue by 19.6 per cent to £686.2 million and pre-tax profit by eight per cent to £31.2m in the year to December 31.
The company has operations across the UK and Ireland, Continental Europe, Asia Pacific and North America. It reports growth in all operations and across all territories, thanks to a mix of organic expansion and shrewd acquisitions.
The four businesses acquired in 2019 have increased both geographic presence and specialist audio and lighting capabilities, according to managing director, Stephen Fenby.
The company entered two new markets through organic investment and injected capital into IT, compliance, acquisition and integration capabilities.
Fenby said: “In a challenging year of economic and political factors, I am very pleased that the group continued to grow strongly across all markets and geographies.
“Our organic growth was robust and we have continued to strengthen our presence in more technically complex market areas. Our targeted acquisition programme means that the group entered three new countries during the year in addition to strengthening our specialist audio and lighting businesses.
“Post year-end, I was delighted to welcome Starin Marketing, Inc and Vantage Systems into the group. Starin represents not only our entry into the major North American market but also a significant strengthening of our presence in the attractive unified communications market.
“Market conditions continue to be generally challenging, but stable, albeit that the potential impact of the spread of the Covid-19 virus is still being assessed. At present, excluding any potential impact of the Covid-19 virus, the board’s expectations for the full year remain unchanged.”