Audio-visual technology distributor predicts £470m turnover off the back of acquisitions
PUBLISHED: 12:15 17 January 2018 | UPDATED: 15:59 17 January 2018
Archant Norfolk Photographic © 2016
Diss-based audio-visual equipment distributor Midwich is approaching the half-billion pound turnover mark after giving a improved trading update.
The company, a member of the EDP/EADT Top 100 list of largest companies in Norfolk and Suffolk by turnover, said it was expecting to grow revenues by 28% to £470m in 2017, although the board said 3% of this was down to exchange rates.
This expansion has been fuelled by acquisitions with Midwich declaring that all the additions made in the year had performed in line with predictions or better.
The board said the company would continue to keep its eye out for further opportunities for inorganic growth.
The group said it had seen growth across all its divisions and expected to report profit before tax comfortably ahead of previously slated.
Stephen Fenby, group managing director, said:
“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.”
Among the company’s acquisitions in 2017 were Dutch firm Gebroeders van Domburg for 2.1m euro, Spanish company Earpro for up to 11m euro and a £21m deal for Letchworth’s Sound Technology.
The group employs more than 700 people with more than 250 at its Vince’s Road headquarters.
Since Midwich floated on the London Stock Exchange in May 2016 it has been on the acquisition trail, adding five companies to the group and spreading its reach across Europe and Australasia.
The group has more than 10,000 customers which are primarily in the education and commercial sectors. Midwich sells technologies from interactive screens to scanners and works with blue-chip vendors such as Samsung, LG, Epson and NEC.
It will announce its final results for the year on March 13.