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Midwich indicates there could be more acquisitions
Audio visual distributor updates on its progress at an AGM that indicates that acquisition remains an option
Audio visual specialist Midwich has indicated that plans to grow via acquisition remain an option over the rest of this year after it started 2019 in good shape.
The firm has been updating investors at an AGM with the progress made in the first four months of the year and indicated trading was in line with expectations.
Midwich is no stranger to making investments to strengthen its portfolio and geographic coverage and last week picked up Norwegian distributor AV Partner to give Midwich an entry into the country and a springboard to widen its reach across the Nordics.
AV Partner works with a range of vendors including Epson, Optoma, Casio and Hitachi and the business has recently expanded its displays business with a relationship with Vestel.
Already this year the firm has taken steps to enter other European markets with acquisitions of Prase in Italy and MobilePro in Switzerland, back in January.
"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," Midwich chairman Andrew Herbert said in notes made for the firm's AGM.
"Trading in the first four months of the year has been in line with the board's expectations and we look forward with confidence," he added.
The insight into the current performance comes on the back of a decent 2018, where 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%.