Midwich expecting 20 per cent revenue rise for 2021 after 'very successful year'

Audiovisual distributor expects revenue in excess of £850m with profit above previous expectations

Audiovisual distributor Midwich expects to report a 20 per cent year-on-year revenue rise for 2021 after finishing the year "strongly".

In a trading update, the company said it expects revenue in excess of £850m which would represent a 23 per cent growth on 2020 in constant currency.

It also expects to report adjusted profit before tax of no less than £31.5m for 2021, which it claims is ahead of previous expectations.

Stephen Fenby, the group managing director, said: "2021 was a very successful year for the group, despite continued market challenges caused by the pandemic.

"Coming into the year, our ambitious goal was to return the group's profitability back to pre-Covid 19 levels. We achieved this, finishing the year with the highest revenues and net profit in the group's history.

"In 2022, the group's focus will be on maintaining a strong growth trajectory whilst supporting customers through ongoing widespread product shortages, exploring cross-selling opportunities in the current portfolio and also evaluating the healthy pipeline of potential acquisitions."

Fenby added that NMK, eLink and Intro 2020 have all performed well since joining the group.

It also purchased a majority stake in Cardiff-based distributor DVS earlier this month to expand its reach into the CCTV and security market.

Midwich will announce its final results for the year ended 31 December 2021 on 8 March 2022.