Midwich is telling the world+dog that its Nimans and DVS acquisitions have had a positive impact on its bottom line.
The distributor had a strong set of interim H1 numbers which were not not be sneezed at, reporting a 46 per cent increase in revenue from £390.1 million to £568.6 million for the six months ended 30 June.
Adjusted pre-tax profits improved at almost the same percentage of 47.7 percent, to come in at £19.2 million.
The acquisitions also increased the distributor’s exposure to the unified communications (UC) market and took it into a fresh space of video security products.
Stephen Fenby, managing director of Midwich Group, was able to strike an upbeat tone around the numbers and highlight the progress it had made compared to the rest of the market.
“The group delivered outstanding revenue growth of 45.8 pecent to £568.6 million in H1 2022. This reflected significant organic revenue growth of 27.9 per cent, which was supplemented by a strong contribution from the two UK businesses acquired in early 2022. Our performance compares very favourably with Avixa’s global pro AV [audiovisual] market growth estimate of 10.5 percent for 2022”, he said.
The audiovisual market was hit particularly hard by the Covid-19 restrictions, but has since seen a bounce back as life has returned to a more normal footing, Fenby added.
“We have also seen some recovery in the live events markets as well as for in-person activities such as in the theatre and leisure sectors, as people regain confidence to attend in-person events.”
