Norwich audio visual firm hoists revenue
Midwich, a Norwich based audio visual distributor to the trade market, expects to post 20 per cent revenue growth to £570 million for the year to December 31.
The official results will be announced on March 12 and as a result of this strong performance the board now anticipates reporting adjusted profit before tax slightly ahead of its previous expectations.
The group’s trading momentum continued in the second half of the year, with encouraging growth seen across all divisions. All of the acquisitions made in 2017 performed either in line with or ahead of the board’s expectations.
The group has delivered revenue growth whilst continuing to improve gross margins in line with the board’s expectations. Cash generation was also strong and the cash conversion rate for the year was ahead of the prior year.
Group MD Stephen Fenby said: “2018 was another year of good growth for Midwich, with strong organic performances from the group’s existing businesses and significant full year contributions from the acquisitions made in 2017.
“We have also been pleased with the integration of the three businesses acquired during 2018 which are all trading in line with or ahead of management’s expectations and, given their timing, have only had a small impact on the 2018 results.
“Post the year end, we acquired MobilePro AG, a leading AV distributor based in Zurich, Switzerland. This new territory further expands the group’s geographical reach.
“Through 2019, 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.”