Midwich continues to flourish as revenue rises

AV distributor says revenue climbed 20 per cent last year

Audiovisual distributor Midwich saw revenue top £570m last year, driven by organic growth and contributions from acquired businesses.

Midwich said that the acquisitions made in 2017 performed well in the 12-month period ending 31 December, contributing to a year-on-year revenue increase of 20 per cent.

The distributor did not disclose any other numbers, with its full results set to be announced on 12 March.

Stephen Fenby, group managing director at Midwich, 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.

"In addition, we have 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.

"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."

Midwich has expanded its reach in mainland Europe since listing on the stock exchange.

The distributor's share price rose over three per cent this morning.

In 2018 the firm made acquisitions in France and Germany and has continued on the M&A trail this year, snapping up MobilePro AG to enter the Swiss market.

In September last year Fenby told CRN that around half of the firm's growth was coming via acquisitions, with the remaining half through organic growth.