Midwich revenues soar as 'encouraging growth' continues

Audiovisual products distributor Midwich has seen the seen the strong trading momentum witnessed in its first-half carry on into the second.

Midwich told investors on Tuesday that it had seen "encouraging growth" across all of its divisions, partially driven by acquisitions made by the firm in 2017.

The AIM-listed group now expects to revenues for the year ended 31 December 2018 to be in excess of £570m - a year-on-year improvement of approximately 20%. Pre-tax profits were projected to be "slightly ahead" of previous expectations.

Managing director Stephen Fenby said: "2018 was another year of good growth for Midwich, with strong organic performances from the group's existing businesses and significant full-year contributions from the acquisitions made in 2017."

"Through 2019, management will continue to explore cross-selling opportunities in the current portfolio while also evaluating the healthy pipeline of potential acquisitions both in the group's existing markets and in new territories."

As of 0850 GMT, Midwich shares had picked up 3.64% to 570p.