Midwich sees revenue leap 29pc in first half of 2021

Stephen Fenby, Managing Director of Midwich in Diss, which posted its year-end results this week.

Stephen Fenby, Managing Director of Midwich in Diss, which posted its year-end results this week. - Credit: Eastern Daily Press © 2016

One of the region's FTSE-listed businesses has posted a positive outlook for the first half of the year.

Diss-based audio visual distributor Midwich expects revenue for the first half of 2021 to sit at £390 million, an increase of 29pc on the same period last year. 

The company, which now employs more than 1,000 people across the globe from it's head quarters in East Anglia. said adjusted profit before tax for the first half is expected to be around £13 million, compared with £3.2 million in the first half of 2020.

However, the business added: "Further margin improvements should be deliverable once lockdowns are eased further and the live events, entertainment and hospitality markets return more fully.

"If lockdown restrictions within the group’s key markets continue to ease, the board expects the momentum seen so far in  2021 to continue throughout the remainder of the year.

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"As a result, the board now expects that revenue and profit for the full year will be comfortably ahead of the top end of analyst expectations."

The range of analyst expectations for revenue, the board added, is between £742.5 million and £791.6 million.

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This is particularly the case in markets like the UK and Ireland, Midwich added, which have "improved significantly after the easing of the severe lockdowns".

Revenues have increased 25pc, boosted by new brands including Barco Clickshare and BirdDog.

The business added: "The live events, entertainment and hospitality markets have remained subdued, but it is anticipated that further easing of restrictions should enable these markets to return towards normality, thus improving sales and margins in the UK and Ireland business."

Midwich works with more than 500 businesses - including blue chip organisations - to supply a range of audio and visual equipment such as projectors, digital signage and professional audio. 

Overall the group works with more than 20,000 customers across sectors including corporate, education, retail, residential and hospitality. 

Although Midwich does not sell directly to end users, it believes that the majority of its products are used by commercial and educational establishments rather than consumers.

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