Midwich anticipates its 2017/18 results ‘will beat expectations’

PUBLISHED: 05:30 21 July 2018 | UPDATED: 08:50 21 July 2018

Stephen Fenby, Managing Director of Midwich in Diss.

Stephen Fenby, Managing Director of Midwich in Diss.

Archant Norfolk Photographic © 2016

An East Anglian audio visual retailer is expecting full-year results to come in ahead of expectations after an “encouraging” first half of the year.

Midwich said it had “traded well” in the first half of 2018, delivering growth across the board.

Overall gross margins at the Diss-based firm have improved, helped by the contribution of three businesses it acquired in 2017.

A trading statement from the company issued on Friday said cash generation had been slightly below the board’s expectations, but this was attributed to an investment made later in the half-year period.

It said: “As a result of this encouraging first half performance, and current positive sales momentum, the board now anticipates that the group’s performance for the current full year will be ahead of its previous expectations.”

Midwich now has more than 750 employees across the UK, Europe and Australasia.

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