Tech supplier has growth in its sights as revenues near £500m
PUBLISHED: 08:23 14 March 2018 | UPDATED: 12:18 14 March 2018
Archant Norfolk Photographic © 2016
The boss of one of the region’s fastest-growing companies has said it may need to consider expanding its HQ after a year of bumper sales.
Midwich posted a 27.5% jump in turnover up to £471.9m in 2017, up from £370.1m in 2016, due to organic growth and acquisitions.
Group managing director Stephen Fenby said the Diss head office team, based in Vince’s Road, had already been bolstered to help integrate acquisitions and oversee the businesses expansion.
He said: “We are getting to capacity here, so we will have to start thinking about expanding in the local area and how we might go about that.”
The company now employs 267 people in Diss – a number Mr Fenby said had doubled in 10 years.
The group distributes equipment such as electronic displays, speaker systems and lighting to the business market across Europe and Australasia.
Adjusted pre-tax profits grew 35.7% to £24.3m up from £17.9m, while net debt rose to £21.8m.
Mr Fenby added gross profit margin had improved by 0.2% to 15.5% as a result of an improved mix of products.
“We have seen growth across all of our territories and about half of that is organic growth and half is through acquisitions,” he said. “We have increased the range products we are offering and are putting more funds into technical products, which we can add value to by offering our expertise.”
Mr Fenby said he hoped the business would continue its pattern of growth in the coming year and said he felt their markets were maturing.
He said: “Our markets have continued to be strong. They have been relatively stable through the ups and downs of the general world economy.
“Technology is becoming so widespread and new technology is coming through all the time.”
Midwich, a member of the EDP/EADT Top 100 list of Norfolk and Suffolk’s biggest companies by turnover, is also aiming to move into new territories, Mr Fenby said, with further expansion in Europe top of the list although Australia has performed strongly which could lead to additions in Asia.
While displays remains the group’s biggest division, making up 43.4% of turnover, the fastest growing segment was technical products, which contributed 20.5% of revenues and grew by 80.5%.
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