Midwich of Diss hails 2016 as ‘transformational’ as profits go up 22 per cent
Major Diss-based employer Midwich has hailed 2016 as a ‘transformational year’ for the company, after posting a 22 per cent increase in profits year-on-year.
The technology solutions firm in Vince’s Road recorded a 17.8 per cent rise in revenue, up to £370.1 million, in 2016, with an operating profit of £18.5 million — 22.2 per cent higher than in 2015.
The company, which employs about 250 people at its Diss office, attributed the strong results to growth across all territories, a rollout of techincal brands overseas and a strong IPO.
Stephen Fenby, managing director at Midwich, said he was “very pleased” with the results, stating it demonstrated the effectiveness of their long-term business model, of targeted acquisitions into international markets.
He said: “2016 was a transformational year for Midwich with our successful IPO on AIM in May positioning the group well for its next stage of development.”
Mr Fenby described the office in Diss, where Midwich has been based since its foundation in 1979, as the firm’s “home”, and they would continue to invest there, whilst also becoming more involved in the community, such as its sponsorship of this year’s Diss Cyclathon.
“We see it as really important,” he told the Diss Express.
“The vast majority of the people who work in the Diss office live within the area. It really helps us to support the local community and get involved in local activities. The staff really enjoy doing that.”
Mr Fenby also said the company’s performance in the first three months of 2017 had continued the momentum of growth from last year.
He added that, although there remained “a degree of uncertainty” about Brexit and what impacts this could have on businesses, he believed Midwich and its subsidiaries would prove resilient and stay on track for their annual targets for growth.
“All of our business have proved to be adaptable to change. I believe that will continue to be the case,” he said.
“Each company tends to stand quite autonomously.
“We have got a very strong management team. We will make the most of the opportunities that are there.”
For further information about Midwich, please visit www.midwich.com