Published on January 17th, 2018 | by The GC Team0
Midwich Group trades “comfortably ahead of previous expectations”
AV and document solutions distributor Midwich has said it expects to report revenue for 2017 of approximately £470 million, representing growth of around 28% over prior year.
In a trading update for the year ended 31 December 2017, the Group said its trading momentum continued in the second half of the year, with encouraging growth seen across all divisions. Acquisitions made in 2017 performed either in line or ahead of expectations.
“The Group has delivered this revenue growth whilst continuing to improve gross margins in line with the Board’s expectations,” Midwich said in a statement. “Cash generation to the year-end was also strong, finishing marginally ahead of the Board’s expectations.
“As a result of this strong performance, the Board now anticipates reporting adjusted profit before tax for 2017 comfortably ahead of its previous expectations.”
Group Managing Director Stephen Fenby (pictured) commented: “2017 was another year of solid growth for Midwich, with strong performances from the Group’s existing businesses and significant contributions from the acquisitions made through the year. We have been pleased with the integration of all the businesses we acquired and they are all trading in line or ahead of management’s expectations.
“Through 2018, management will continue to explore cross-selling opportunities in the current portfolio while also evaluating the healthy pipeline of potential acquisitions both in the Group’s existing markets and in new territories.”
Midwich will announce its final results for the year ended 31 December 2017 on 13 March 2018.