Audiovisual distributor Midwich has managed to finish the second half of its fiscal year strongly.
An end-of-year trading update from the firm issued to investors gave details of how the past few months have gone, with November and December being particularly good.
Midwich is now expecting to report revenue in excess of £710 million for 2020 representing annual growth of four percent. Pre-tax profits should be around £14 million which is ahead of expectations.
Midwich said sales, before acquisitions were taken into account, were seven per cent lower in the second half of the year, compared with 2019. Because of the 22 percent drop in the first half, the overall decline will end up at 14 percent for the year.
Stephen Fenby, group managing director of Midwich, said the firm had made progress in what had been “a very challenging year for both the world economy and our industry”.
He added: “Despite significant challenges, we managed to continue our long-term year-on-year revenue growth. Although markets for many of our higher-margin product areas were significantly depressed, and continue to be so, I am pleased that the group was able to grow its share of the business available. This demonstrates that our service levels have remained high and that we are well placed to capitalise on future market demand when it returns fully.”
