"Results in our second half exceeded expectations"
UK revenues: £224.4m (-29%)
Vendors include: Epson, Barco, LG, Smart, Samsung, poly, Logitech
HQ: Diss, Norfolk
Group headcount: 1,000-plus
Recent acquisitions: PSCo (2015), Holdan (2016) Starin Marketing (US) (2020)
After floating on the London Stock Exchange in 2016, this Diss-based audio visual distributor was on an international growth roll that saw revenues swell from £314m to £686m between 2015 and 2019.
That shuddered to a halt last year as lockdown blunted demand for on-premise AV wares. Although group revenues rose four per cent to £712m on the back of a big US acquisition, underlying sales were down 14 per cent, with UK revenues tumbling 29 per cent to £224.4m.
2020 was a year of two halves for Midwich, however, with organic revenue falling 22 per cent in 1H before regrouping somewhat in 2H to record a seven per cent slide.
"While we have experienced a slowdown in some of our sectors, we have also witnessed improved performances in others and our results in the second half of the year exceeded the Board's expectations," CEO Stephen Fenby (pictured) said.
Midwich has made 15 acquisitions since its IPO, and now claims to serve 20,000 trading accounts.
Management did not respond to our request for an interview for this feature.
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