Print and audiovisual distributor Midwich has seen its market valuation cross the £500 million threshold.
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.”
