Preliminary results for the 21 December 2016 show gross profits up 20.2% on the previous year on revenues of £370 million up 17.8% on 2015. With all the company’s key indicators showing positive results Managing Director Stephan Fenby attributes the improvement in gross profits to positive changes s in the distributor’s product mix and acquisitions.
Stephen Fenby, Managing Director of the Midwich Group: “2016 was a transformational year for Midwich with our successful IPO on AIM in May positioning the Group well for its next stage of development.”
“2016 was a transformational year for Midwich with our successful IPO on AIM in May positioning the Group well for its next stage of development. Post-IPO, we also acquired a majority stake in Holdan Limited and the trade and assets of Wired Limited, further strengthening Midwich’s market position in the UK and Australasia respectively.”
“The Group delivered strong revenue and profit growth in 2016 and I am pleased to report that trading in the first few months of 2017 has built on the good growth we saw last year giving the Board confidence in delivering a result in 2017 in line with its expectations.”
Specifically, Fenby drew attention to “Improved revenue and net profits across all territories driven by impressive growth in the audio-visual business and the continued roll out of technical brands overseas”. He also referenced launches with “significant new vendors including SMART Technologies in the UK and Ireland, and Biamp in Australia”.