Midwich investors laughing as latest numbers bump shares even higher

Print distributor's share price has risen 80 per cent since IPO

Midwich investors will be ordering yet more bubbly after the distributor unveiled another set of buoyant numbers, pushing its share price even higher this morning.

The UK's largest dedicated print and AV distributor's shares have surged yet again after it unveiled first-half revenues of £211.6m, up 34 per cent year on year.

Shares in the firm are currently trading at above 420 pence, 80 per cent up on Midwich's AIM debut in May 2016.

Shareholders were further rewarded with an interim dividend of 4.17 per cent per share, a 36 per cent hike on an annual, like-for-like comparison.

"Significant" double-digit growth was achieved in all of Midwich's territories, with the UK & Ireland business growing 27 per cent.

Some 38 per cent of revenues were derived from outside the UK in the first half, and Midwich said recent overseas acquisitions had performed ahead of expectations. Iberian acquisition Earpro contributed £5m in a "strong" first quarter, for instance.

France grew 18 per cent on the back of strong projection sales, while Germany and Australasia lit up Midwich's results with growth of 47 and 44 per cent respectively.

On a group level, pre-tax profits more than doubled to £8m. Operating margins fell slightly, from 15.6 to 15.3 per cent.

Midwich, which now has 600 staff, said it was confident its full-year results will be in line with expectations, which it raised in July.

Midwich managing director Stephen Fenby said: "The Group has performed strongly in the first six months of the year across all geographies with robust organic growth and contributions from recent acquisitions Holdan and Earpro.

"Our business in large format displays continues to grow strongly and we are pleased with progress in the developing specialist broadcast and audio segments."