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10 Sep 2019 | 07:50

Midwich profit falls 5% as one-off costs offset rising revenue

Audio-visual equipment distributor Midwich booked a 5% fall in first-half profit, as rising sales were more than offset by one-off costs, including for acquisitions and share-based payments to executives.

Pre-tax profit for the six months through June fell to £11.3m, down from £11.8m on-year.

The fall came even as revenue rose 19% to £314.8m and adjusted profit rose 6% to £13.7m.

Midwich declared an interim dividend of 4.85p, up 5% on-year.

'The group has had another strong first half and I am pleased with our overall performance, particularly given political and economic uncertainties around the globe,' chief executive Stephen Fenby said.

'The increase in the group's gross margin percentage reflects strong performance from the core business and a positive contribution from the acquisitions made in 2018 and the first half of 2019.'

'The more specialist nature of the acquired businesses ensures that our value add to customers and vendors continues to increase.'

'The strong performance reported in the first half and contributions from recent acquisitions, give the board confidence in the prospects for the group.'

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