Published on March 14th, 2017 | by The GC Team0
Midwich posts first Preliminary Results since AIM listing
Midwich Group plc, the specialist audio visual distributor, has announced its Preliminary Results for the year to 31 December 2016.
These are the first since the Group’s IPO and listing on AIM in May 2016, and indicate revenue up by 17.8% to £370.1 million, operating profit (adjusted for costs related to the Initial Public Offering, acquisition, share-based payments and amortization) up 22.2% to £18.5 million, and adjusted profit before tax up 22.8% to £17.9 million.
Managing Director Stephen Fenby said: “2016 was a transformational year for Midwich with our successful IPO on AIM in May positioning the Group well for its next stage of development. Post-IPO, we also acquired a majority stake in Holdan Limited and the trade and assets of Wired Limited, further strengthening Midwich’s market position in the UK and Australasia respectively.
“The Group delivered strong revenue and profit growth in 2016 and I am pleased to report that trading in the first few months of 2017 has built on the good growth we saw last year giving the Board confidence in delivering a result in 2017 in line with its expectations.”