Revenue tops £710m at specialist tech company
- Credit: Denise Bradley
One of the region's most lucrative businesses has upgraded its profit expectations to £14m after fairing better than expected in 2020.
Audio visual and documents specialist Midwich has "significantly" upped its end of year figures after November and December performed better than predicted.
The Diss-based company has seen a decline in sales given a significant proportion of its clients operate in the hospitality and events sector.
However an increased need for equipment to aid working from home has offset some of this depression.
Revenue for 2020 as a whole stands in excess of £710 million, representing growth of approximately 4pc over the prior year .
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Underlying sales before the effect of in-year acquisitions were 7pc lower in the second half of the year than in the comparative period in 2020, compared with 22pc lower in the first half, giving an overall decline of 14pc for the year.
During the year Midwich bought US company Starin Marketing and NMK in the Middle East, which it describes as "two strategically important markets".
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Managing director Stephen Fenby said: "I am pleased with the group’s significant achievements in what was a very challenging year for both the world economy and our industry.
"Despite 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.
"The group has made substantial progress in acquiring new brands while also exiting from lower margin or unprofitable relationships.
"In particular, we have enhanced our offering in the unified communications, collaboration and audio segments through the year.
The Group has made substantial progress in acquiring new brands while also exiting from lower margin or unprofitable relationships. In particular, we have enhanced our offering in the unified communications, collaboration and audio segments through the year.