Published on September 10th, 2019 | by The GC Team0
Midwich Group posts strong first-half results
AV distributor Midwich has reported revenue up 19.2% to £314.8 million for the six months ended 30th June with gross profit up 16.6% to £52.2 million.
Operating profit increased by 8.6% to £14.6 million with profit before tax rising 6.2% to £13.7 million.
The business said it achieved revenue growth across all territories with strong net operating profit growth in the UK & Ireland and Continental Europe.
“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,” said Stephen Fenby, Managing Director of Midwich Group plc (pictured).
“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.”
Midwich completed the acquisitions of MobilePro (Switzerland), Prase (Italy) and AV Partner (Norway) during the first half of the year.