1:45 p.m. July 22, 2022
4:42 PM July 22, 2022
A Diss-based company expects to boost its pre-tax profits by £6million in the first half of this year compared to 2021.
Midwich Group, which distributes audiovisual technology, adjusted pre-tax profits for the first six months of 2022 are expected to be above £19m.
That compares to £13million in the first half of 2021.
The company has released its 2022 business update, which revealed that its revenue is expected to exceed £560m in the first six months of this year, an increase of more than 45% on the same period l ‘last year.
Midwich said it recorded record trading during this period.
It said the growth is partly due to a partial return to live events and in-person activities in a number of markets, which have seen an increase in demand for the products it distributes.
The company revealed that its performance in the UK and Ireland was significantly better than in the first half of 2021, with revenue up 85%.
Globally, the company also continued to experience strong growth and increased its North American revenue by more than 90%, according to Midwich.
These latest figures come after achieving record revenues and profits last year despite the disruption caused by the pandemic.
In early 2022, the company said part of its growth during the difficult period was due to its expansion into new overseas territories.
Looking ahead, he is confident that his order books will remain very strong “unless general economic conditions deteriorate significantly”.
His statement said: “The board expects the momentum seen in [first half of] 2022 will continue throughout the year. As a result, the board now expects business performance for the full year to be slightly above its previous expectations.”
Midwich employs over 400 people at its Vince’s Road headquarters. The company specializes in the supply of audiovisual, consumer electronics and document management equipment to exclusively professional customers, and has distributors in Europe and Australia.