Tag: midwich

Midwich buys prodyTel

Posted on November 14, 2023 by - News

Midwich Group snaps up professional audio and technical solutions products distributor prodyTel Distribution.

The outfit will acquire 51 per cent of prodyTel’s share capital for £7.4 million with plans to buy the rest in June 2024 for £7.1 million. An additional performance-linked £4.8 million will be payable in cash in 2026.

Midwich Group MD Stephen Fenby said: “We are delighted to have reached an agreement to acquire prodyTel, which will strengthen our technology offering in the DACH region.

Based in Stein, Germany prodyTel was founded in 2003, originally as a manufacturer of audio codecs before switching its focus to distribution in 2014.

Midwich Group declined in the UK

Posted on September 7, 2023 by - News

Midwich Group saw growth everywhere in the world other than the UK.

The Norfolk-based distributor saw revenues decline slightly by 2.2 per cent to £234 million in the UK & Ireland.

Based on independent market data, Midwich believes the decline is significantly less than the overall decline in the region.

Revenues for the six months ended 30 June 2023 grew 7.4 per cent to £610.4 million.

Gross profit was up 17.5 per cent to £99.6 million in H1 2023.

Midwich crosses a billion in revenue

Posted on March 15, 2023 by - News

Midwich grew at twice the pace of the broader audio-visual market and crossed the £1 billion revenue mark in 2022.

The AV  distributor saw its top line power up 41 per cent to £1.2 billion in the 12 months to 31 December 2022 as the AV market “largely returned to normal” following two years of disruption.

Midwich’s 2022 numbers were bolstered by its acquisitions of UK distributors DVS and Nimans in January and February of the period.

However growth stood at 20.7 per cent double the 10.5 per cent growth Midwich claims the wider AV market recorded last year.

Midwich Group reports record results

Posted on January 19, 2023 by - News

Distributor Midwich Group has reported solid end to last year with record results in its latest trading update for the year ended 31 December 2022.

The outfit expects record revenues for FY22 of £1.2 billion, climbing 40 per cent over the previous year.

The board of the LSE-listed company now anticipates reporting adjusted profit before tax for the 2022 period “comfortably” ahead of market consensus.

Adjusted net debt at the end of the year was under £100m (representing approximately 1.7 times adjusted EBITDA), in line with the board’s expectations. Cash generation was between 50 per cent and 60 per cent, which was also in line with the board’s expectations given the group’s strong revenue growth.

Midwich’s Nimans and DVS buy caused huge revenue growth

Posted on July 21, 2022 by - News

After its acquisition of Nimans and DVS this year, distie Midwich saw its revenues in the UK and Ireland grew by 85 percent year on year during the six months until 30 June.

Midwich snapped up Nimans for £27.5 million in February this year. The distributor turned over £114.3 million in revenues and pre-tax profits of £5.8 million for calendar 2020.

The group’s organic revenue grew 27 percent year on year, which the company attributes to acquiring Nimans and DVS.

The overall gross margin was stated to be approximately 15 percent, which Midwich says is largely equivalent to H1 2021. The group’s board expects stronger gross margins to be in sight for H2 as more live and face-to-face events return in a number of the markets Midwich services.  

Midwich snaps up Nimans for £27.5 million.

Posted on February 9, 2022 by - News

Midwich has written a cheque for distributor Nimans along with other subsidiaries from Nycomm Holdings Limited for £27.5 million.

For those not in the know, Manchester-based, Nimans distributes telephony hardware as well as solutions such as unified communications, VOIP, security and networking, and partners with a wide range of vendors including BT, Microsoft, NETGEAR and Yealink.

Apparently, the deal does not include  Avoira, a £21.5 million revenue comms partner which was formed through the fusion of four resellers in 2019. However, Niman’s makes most of Nycomm Group’s cash. The distributor generated consolidated revenues of £114.3m and pre-tax profits of £5.8 million for the year ending 31 December 2020 while currently trading with over 2,500 telephony, IT and retail customers and employing over 200 staff.

Midwich snaps up DVS

Posted on January 12, 2022 by - News

Midwich has acquired a majority stake in Cardiff-based distributor DVS due to its cunning plan to get into the CCTV and security market.

The HikVision and Toshiba distributor was founded in 2003 and is based in Cardiff. Operating through parent company Cooper Projects Limited, the firm offers CCTV and security solutions for trade customers in verticals including corporate, retail, and residential.

Midwich Group returns to normal

Posted on September 8, 2021 by - News

Midwich Group is seeing its bottom line returning to normal again.

The distributor shared preliminary first-half results, for the six months ended 30 June, revealing that it had delivered profits on the back of lockdown restrictions easing.

The first half of last year saw the firm reporting losses after tax of £2.8 million, but this time around the firm delivered £4.6 million in profit, representing a 263 percent year-on-year improvement. Revenues were up by 29 percent, rising to £390.1 million.

The firm used its trading update to inform investors of its ongoing recovery, and trading momentum was continuing as more of the venues and activities that required audiovisual solutions reopened.

Midwich opens new experience centre

Posted on June 14, 2021 by - News

Specialist audio visual distributor, Midwich Group,has officially opened Innovation House, its 50,000 square-foot experience, training and event facility in Bracknell (UK).

Home to five distributors – Midwich, PSCo, Holdan, Invision and Sound Technology – Innovation House features the UK’s largest multi-brand experience centre showcasing more than 200 AV, Unified Communication & Collaboration (UC&C), broadcast, smart home and rental solutions from 50 manufacturers. 

Midwich opens new training and events centre

Posted on May 17, 2021 by - News

Midwich has opened a new multi-million pound training and events facility in Bracknell.

The 50,000 square feet Innovation House is home to five of the UK’s audio-visual distributors – Midwich, PSCo, Holdan, Invision and Sound Technology – and aims to bring together vendors, resellers, consultants, and end-users across the industry.

The idea is to showcase more than 200 world-leading audio-visual, unified communication and collaboration, broadcast, smart home and rental solutions from 50 world-renowned manufacturers all under one roof, Midwich says.

Midwich has strong second half results

Posted on January 21, 2021 by - News

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.

Midwich doing well

Posted on May 12, 2020 by - News

Midwich chairman Andrew Herbert told his outfit’s AGM that the group delivered a strong performance in 2019, achieving revenue and profit growth while successfully completing four acquisitions.

“We remain committed to our established strategy of delivering strong organic growth, supplemented by targeted acquisitions, as well as building our expertise in a broader range of markets and products.”

Acquisitions made last year included Prase in Italy and MobilePro in Switzerland back in January, and Norwegian distributor AV Partner in May. Already in 2020, Midwich has sealed a deal for US AV distributor Starin Marketing.

Herbert said that the coronavirus was having an impact on the business and that would remain the case for most of the second quarter.

Midwich does well on the back of Euro acquistions

Posted on September 11, 2019 by - News

The print and AV disti Midwich has posted a strong first half of the year thanks to the European acquisitions it made earlier in the year.

Overall revenue climbed 19 percent year on year to £314.8 million for its six months ending 30 June 2019.

Earlier in the year the outfit snapped up Italian Prase and Swiss MobilePro in January, followed by Oslo-based AV Partner in May. It was all part of a cunning plan to enter new markets.

Midwich celebrates 40th birthday

Posted on April 19, 2019 by - News

Midwich, the audio-visual (AV) distributor, is celebrating its 40th anniversary.

Established in 1979 by husband and wife David and Ruth Watson, Midwich Computer Company initially flogged computer components and supplied BBC computers to schools and colleges. In 1991, the Company was sold to Memec, an Oxfordshire-based distribution company.

Xerox wants to boost SME growth

Posted on February 11, 2019 by - News

Copy king Xerox is flagging up the importance of its SME market.

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.

Plans to increase revenues would not only include taking advantage of a perceived opportunity in the SME arena but also to expand services and software, the outfit has said.