22nd Jan 2019 13:39
LONDON (Alliance News) - Midwich Group PLC on Tuesday said it expects to report a more than 20% rise in annual revenue after its strong trading momentum continued in the second half.
For 2018, the audio visual distributor said it saw "encouraging growth" across all of its divisions.
Additionally, all of the acquisitions completed in 2017 performed "either in line with or ahead of the board's expectations".
The company now expects annual revenue "in excess" of GBP570 million, up 21% from GBP471.9 million a year ago.
As a result of its "strong performance", the company's board now forecasts adjusted pretax profit "to be slightly ahead of its previous expectations".
Managing Director Stephen Fenby 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."
He added: "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 will publish its annual results on March 12.
Midwich shares were trading up 5.6% at 581.00 pence each.
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