Published on January 18th, 2017 | by The GC Team0
Midwich expecting 18% lift in 2016 revenues
In a trading update for the year ended 31 December 2016, Norfolk-based distributor Midwich today said it now expects to report revenue of approximately £370 million, representing growth of around 18% over the prior year.
The Group’s trading momentum continued in the the second half of the year and it also benefited from the continued weakness in Sterling. Movements in exchange rates account for approximately 3% of revenue growth.
Growth was recorded across all divisions, in particular the Group’s overseas businesses. A better than expected contribution came from Holdan, Midwich’s most recent UK acquisition.
“As a result of this strong performance, the Board now anticipates reporting adjusted profit before tax for 2016 comfortably ahead of its previous expectations,” Midwich said in a statement.
The Group will announce its final results for the year ended 31 December 2016 on 14 March 2017.