Published on September 11th, 2018 | by The GC Team0
Midwich reports strong first-half performance
Midwich Group has reported a 48% jump in pre-tax profit for the six months ended 30th June as acquisitions made in 2017 helped lift both revenue and margin.
Pre-tax profit for the first-half of the year rose to £11.8 million as revenues increased 25% to £264 million.
“The Group has had another strong first half and I am pleased with the performance across all of our territories,” commented Managing Director Stephen Fenby.
“The increase in the Group’s gross margin percentage reflects both growth in the core business and a significant contribution from the three acquisitions made in 2017 in our displays and technical product categories.
“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, coupled with positive sales momentum and strong contributions from recent acquisitions, gives the Board confidence that the Group will report full year results in line with its revised expectations, which were upgraded at the time of the Group’s trading statement on 20 July 2018.”