Specialist AV distributor Midwich see profitability return to pre-pandemic levels for first time
The largest employer in Diss has marked a successful end to the year after seeing its profitability returning to pre-pandemic levels.
Specialist AV distributor Midwich reported revenue in excess of £850 million for 2021 – the highest in the company’s history.
It represents growth of approximately 20 per cent over the previous year.
As a result, the firm – which has 270 staff at its headquarters in Vince’s Road – now anticipates reporting adjusted profit before tax of around £31.5 million for the year – way ahead of previous expectations and taking the firm back to the levels of profit it was seeing prior to the pandemic.
Adjusted net debt at the end of the year is around £57 million, which the firm said was in line with expectations.
Group managing director Stephen Fenby said: “2021 was a very successful year for the group, despite continued market challenges caused by the pandemic.
“Coming into the year, our ambitious goal was to return the group’s profitability back to pre-Covid-19 levels.
“We achieved this, finishing the year with the highest revenues and net profit in the group’s history. I would like to thank our team for this fantastic result.”
Mr Fenby also praised the success of Midwich’s subsidiaries, which have been acquired in recent years.
“Since joining the group in 2021, NMK, eLink and Intro 2020 have all performed well, and we look forward to working with our new colleagues at DVS, who joined the group in early January.
“In 2022, the group’s focus will be on maintaining a strong growth trajectory, while supporting customers through ongoing widespread product shortages, exploring cross-selling opportunities in the current portfolio and also evaluating the healthy pipeline of potential acquisitions.”
It marks a welcome change in fortunes for the FTSE-listed company, which endured a disappointing 2020 as the emergence of Covid-19 saw governments across the globe impose a series of strict lockdowns.
