Audio-visual distributor Midwich sees turnover rise 34%
PUBLISHED: 09:38 12 September 2017 | UPDATED: 11:25 12 September 2017
Archant Norfolk Photographic © 2016
An audio visual distributor has seen double digit growth as it increased turnover off the back of acquisitions.
Midwich, which is based in Diss, reported 33.6% growth in revenues from £158.3m in the six months to June 30 2016, to £211.6m for the same period in 2017.
The company posted pre-tax profits of £8m which was more than double the £3.8m for the same period last year.
Midwich said it had been boosted by the performance of Manchester based Holdan and Spanish firm Earpro which it bought in 2016.
Managing director Stephen Fenby said: “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.
“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% 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 July 21 2017.”
The group, which is a member of the EDP/EADT Top 100 list of Norfolk and Suffolk’s biggest companies by turnover, recently bought Dutch business Gebroeders van Domburg as it moved into the Benelux region.