AV distributor Midwich has delivered a strong set of results for 2018 with all the arrows pointing upwards as it taps into increasing demand for the products in its portfolio.
The firm saw revenues increase by 21.6% to hit £573.7m for the year ended 31 December and adjusted pre-tax profits climbed by 19.7% to reach £29.1m.
Midwich was also able to report revenue and profit growth across all of the territories it operates in and had seen its technical product turnover improve by 54.7% and the core display business increase by 23.7%.
The three acquisitions the firm made in 2017 are also contributing to the bottom line and during 2018 Midwich added new product specialisms in Europe and Asia Pacific and established a presence in South East Asia.
That growth has continued with moves to enter the Italian market and gain a foothold in Switzerland with the acquisition of MobilePro.
"Our organic growth continued to be strong, and we have continued to successfully use targeted acquisitions to drive future growth as well as build our expertise in a broader range of markets and products. We continue to pursue acquisition opportunities that fit within our strategic focus of adding new product ranges, capabilities or geographies to our existing portfolio," said Stephen Fenby, managing director of Midwich Group.
"We are seeing exciting growth opportunities across all our markets and geographies driven by an increasing demand from end users as well as continued innovation and new products from our manufacturer partners. There is also a continued trend in the increasing use and need for high quality distributors such as Midwich to support the professional AV market. As a result, we continue to exploit a significant number of organic growth opportunities from targeting new vendors while continuing to grow our customer base," he added.
Fenby added that the momentum had kept going into 2019 and the board was confident it would perform in line with expectations.