Diss firm Midwich reports revenues of half a billion

The largest employer in Diss has marked an “outstanding” start to the year with revenue increasing by almost half.

Specialist AV distributor Midwich has reported revenue in excess of £568.6 million since January this year, an increase of 45.8 per cent.

In a statement, managing director Stephen Fenby praised the impressive results, which already come off the back of a record-breaking 2021 for the firm.

“The Group delivered outstanding revenue growth,” he said. “Trading performance in the UK and Ireland, and North America was particularly impressive - driven by a combination of market share gains, new vendors and technologies and partial recovery in some end user markets.

“We have also seen some recovery in the live events markets as well as for in-person activities such as in the theatre and leisure sectors, as people regain confidence to attend in-person events.”

He added that despite the looming threat of the cost of living crisis, his company - which employs around 270 staff at its headquarters in Vince’s Road – was in a strong position to weather the storm.

He said: “I believe that we have demonstrated the resilience of our business in more challenging economic conditions as seen by our strong performance throughout prior recessions.

“Despite our overall scale, growth and geographic breadth, the opportunity for the Group to grow profitable market share remains strong.”

It marks a welcome change in fortunes for the company, which endured a disappointing 2020 as the emergence of Covid-19 saw governments across the globe impose a series of strict lockdowns.

However it has seen a sharp reversal in fortunes since the begining of 2021.

Last year, it saw 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.