One of Diss’ biggest employers has posted double digit revenue growth following acquisitions in both the UK and abroad.
Specialist audio visual and document solutions distributor Midwich, based in Vinces Road, saw a revenue increase of 33.6 per cent to £211.6m, for the first six months of the year, compared to the same period in 2016.
he Group has performed strongly in the first six months of the year across all geographies with robust organic growth and contributions from recent acquisitions Holdan and EarproStephen Fenby, managing director, Midwich
Pre-tax profits rose from £3.8m to more than £8m on last year.
Stephen Fenby, managing director of Midwich, said the firm had been boosted by the acquisitions of Earpro, based in Spain, and Gebroeders van Domburg B V, of the Netherlands – which he said were in two of the most important markets in Europe.
He added the firm will continue to look for further opportunities in both the UK and abroad.
“The Group has performed strongly in the first six months of the year across all geographies with robust organic growth and contributions from recent acquisitions Holdan and Earpro,” he said.
“Our business in large format displays continues to grow strongly and we are pleased with progress in the developing specialist broadcast and audio segments.
“Profit margins have been maintained and cash generation is in line with our expectations at this stage of the year. We are pleased to declare an interim dividend of 4.17 pence per share, 36 per cent ahead of prior year on a like for like basis.
“The strong performance reported in the first half year coupled with indications of positive sales momentum and strong contributions from recent acquisitions gives the Board confidence in reporting results for the full year in line with our expectations, which were upgraded at the time of the Group’s trading statement on 21 July 2017.”
He continued: “I think the results are what we expected.
“Brexit does bring some uncertainty, and we still don’t know how things will pan out. We have not seen any significant change in our UK business from Brexit.”
Looking ahead to the results for the next half of the year, he added: “I am very pleased with how we have done in the first six months of the year and we are certainly hoping the momentum we have achieved continues through to the second half of the year.
“We want to keep growing and become more successful.”
n More ‘sound’ business for Midwich after Dutch distributor is acquired – turn to page 14