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12 Mar 2019 | 09:21

Midwich profit rises 12% on higher sales, margins

Audio-visual equipment distributor Midwich booked a 12% rise in annual profit, as it improved sales both organically and through acquisitions.

Pre-tax profit for the year through December rose to £21.1m, as revenue climbed 22% to £573.7m.

Midwich declared a full-year dividend of 15.2p, up 10% on-year.

'I am very pleased to report that in 2018 we again achieved strong growth across all the group's businesses and regions at both a revenue and profit level,' chief executive Stephen Fenby said.

'Our organic growth continued to be strong, and we have continued to successfully use targeted acquisitions to drive future growth as well as build our expertise in a broader range of markets and products.

'Trading in the first two months of 2019 has built on the good growth we saw last year, giving the board confidence in delivering a 2019 performance in line with its existing expectations.'

At 9:21am: (LON:MIDW) Midwich Group Plc share price was +10p at 585p

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