12th Mar 2019 10:18
LONDON (Alliance News) - Audio visual distributor Midwich Group PLC on Tuesday reported strong annual growth, with organic performance also doing well.
Midwich's revenue rose 22% for 2018 to GBP573.7 million, leading to pretax profit growth of 12% to GBP21.1 million. Organic revenue growth was 8.7%.
On an adjusted basis, Midwich's pretax profit rose 20% to GBP29.1 million.
The company will pay a final dividend of 10.60 pence per share, taking the total for 2018 to 15.20p, up 10% from 13.82p a year prior.
Acquisitions made during 2017 and 2018 did well, Midwich continued, while existing operations continued to grow.
Looking segmentally, the core UK & Ireland region increased revenue by 11% to GBP315.8 million, helped by acquisitions, though organic growth slowed to 1.8% from 5.6% in 2017.
Adjusted operating profit in the region rose 17% to GBP19.6 million.
In Continental Europe, adjusted operating profit was up 37% to GBP10.2 million, with revenue climbed 42% to GBP222.0 million, boosted by acquisitions. Lastly, in Asia-Pacific, adjusted operating profit was up 14% to GBP2.6 million and revenue by 12% to GBP32.1 million.
Looking ahead, Managing Director Stephen Fenby said: "The board is continuing to pursue its established strategy and is pleased with the progress made during 2018.
"Trading in the first two months of 2019 has built on the good growth we saw through last year, giving the board confidence in delivering a 2019 performance in line with its existing expectations."
Midwich shares were flat on Tuesday morning at 575.02 pence each.
Related Shares:
Midwich Group