Stock-market flotation fuels acquisitive year for Diss-based Top 100 member Midwich
Archant Norfolk Photographic © 2016
Few companies on the Top 100 list have had as eventful a year as Midwich.
Last May, the Diss-based company floated on the AIM index, and it has continued its approach of growing both organically and through acquisition, snapping up smaller companies to reach into new markets.
The £24.2m raised by the flotation strengthened the company’s balance sheet but also funded the purchase of companies in Manchester and New Zealand.
Those moves saw turnover swell by 15% to £370m and adjusted pre-tax profits rise by 23% to £17.9m. Staff at its Vinces Road headquarters have shared in the success, after being given a stake in the company at the IPO.
After climbing to seventh in 2017’s Top 100, Midwich could again be a climber next year.
Looking to the future, managing director Stephen Fenby has flagged “exciting growth opportunities” driven by increasing demand, while 2016’s new acquisitions will integrated along with Barcelona-based EarPro, bought earlier this year.
“We are pursuing acquisition opportunities that would fit within our strategic focus of adding new product ranges, capabilities or geographies to our existing portfolio,” Mr Fenby wrote in the company’s annual report.
“Trading in the first few months of 2017 has built on the good growth we saw through last year, giving the board confidence in delivering results in 2017 in line with expectations.”