Xerox has been telling investors, or anyone who listens, about its glorious three-year plan, with the channel involved front and centre. The big idea is to increase its SME revenues.
Lee Harris will become Divisional Director focusing on AV (Midwich Ltd) and Ross Floyd will assume a wider role as Divisional Director covering AV, Document Solutions and further technologies.
Lee Baker will be passing over his responsibilities to Lee Harris and Ross Floyd in January following an extensive handover period.
Midwich will provide cloud-based, managed print services that will allow customers to create less paper in the office through Xerox technology.
This technology offering forms part of Midwich’s brand new Expert Print Services (XPS), a fully flexible menu approach to managed print, which will expand Midwich’s Document Solutions Team reach.
XPS is an important strategic development for Midwich’s extensive print division and will form part of its long-term focus within the managed print market place, providing cloud-based print services that allows resellers and their customers to digitise their workplaces and stay ahead of the competition.
Midwich will distribute Xerox’s suite of MPS products including Light Production, Versant devices, and ConnectKey devices to its 6,000 strong VAR channel.
Midwich general manager Richard Wells, said: “As an established expert trade print partner, our experience and expertise has been extended into our new XPS proposition, giving customers the reassurance and peace of mind that they are working with a trusted, transparent supplier.
“All businesses and particularly SMBs today are looking for ways to automate workflow and improve productivity. We are confident that Xerox’s brand recognition and strength in managed print services solutions will enable us to fulfill that market need.”
Xerox UK and Ireland MD Andrew Morrison said that IT decision makers wanted MPS to make their operations more profitable and productive.
“With the paper to digital conversation fast becoming the new normal for business owners, MPS is an important enabler for digital transformation and a must-have for businesses.”
The share price has been growing after the outfit indicated that profits for 2017 would come in “comfortably ahead of its previous expectations”. Yesterday saw it up 17 percent.
Crossing the £500 million milestone puts it onto the radar of a broader range of institutional investors.
Midwich has been making a lot of acquisitions, including Iberian Earpro, Dutch Gebroeders van Domburg and UK-based Sound Technology.
In a pre-close trading update for its year ended 31 December 2017, Midiwch said this morning that it had enjoyed “encouraging growth” across all its divisions in its second half, adding that all of its 2017 acquisitions performed on a par with or ahead of expectations.
The outfit has 700 staff across the UK & Ireland, France, Germany, Iberia and Australasia, and consequently expects 2017 revenues to rise 28 percent to about £470 million. This includes a three per cent increase from favourable exchange rate movements.
Midwich group managing director Stephen Fenby said: “2017 was another year of substantial growth for Midwich, with strong performances from the Group’s existing businesses and significant contributions from the acquisitions made through the year.
“We have been pleased with the integration of all the businesses we acquired, and they are all trading in line or ahead of management’s expectations. Through 2018, 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.”
Sound Technology will continue to operate as an independent company but will become a subsidiary of the Midwich group. Sound founder Robert Wilson set to remain as chairman.
Midwich has been in a buying up large spree since it went public – it has acquired distributors in the UK, Spain, New Zealand and the Netherlands.
Stephen Fenby, managing director at Midwich, said: “The acquisition of Sound Technology substantially enhances the group’s ability to provide world-leading products and high-value-add audio solutions to our trade customers.
“In addition, I believe that the high level of support Sound Technology provides to its vendors is very close to our proven strategy as a specialist distributor. The company’s recent entry into the professional lighting market is an exciting proposition and complements our current offering in the Benelux and Iberia regions.
“I look forward to welcoming the Sound Technology team into the Midwich Group and working with them to further develop this marketplace.”