Published on March 13th, 2020 | by The GC Team0
Midwich reports “strong revenue & profit growth” for 2019
In its final results for the year to 31 December 2019, specialist AV distributor Midwich Group plc reported that strong growth in both revenue and profit was achieved “across all markets and geographies.” The company operates in the UK and Ireland (its “most established region” according to MD Stephen Fenby), Continental Europe, Asia Pacific and North America.
Group revenue, at £686.2m, was up 19.6% on the previous year; gross profit showed a 19.6% increase to £113.1m; operating profit remained flat at £24.9m. Pre-tax profit climbed 13.1% to £23.8m.
In his statement appended to the results Mr Fenby said: ”In a challenging year of economic and political factors, I am very pleased that the Group continued to grow strongly across all markets and geographies. Our organic growth was robust and we have continued to strengthen our presence in more technically complex market areas. Our targeted acquisition programme means that the Group entered three new countries during the year, in addition to strengthening our specialist audio and lighting businesses. Post year-end, I was delighted to welcome Starin Marketing Inc. and Vantage Systems into the Group. Starin represents not only our entry into the major North American market but also a significant strengthening of our presence in the attractive unified communications market.
“Market conditions continue to be generally challenging, but stable, albeit that the potential impact of the spread of the Covid-19 virus is still being assessed. At present, excluding any potential impact of the Covid-19 virus, the Board’s expectations for the full year remain unchanged.”