Midwich posts solid first half results

Pan-European AV distributor Midwich's results for the 12 months to 30th June show a 19.2% revenue hike to £314.8m, with organic revenue growth of 5.1% (discounting recent acquisitions).

Gross margin was reported at 16.6%, 0.4% ahead of H1 2018, and the adjusted operating profit increased by 8.6% to £14.6m.

Midwich said there was 'strong net operating profit growth' in the UK & Ireland and continental Europe.

Stephen Fenby, MD, said: “The increase in the group's gross margin percentage reflects a strong performance from the core business and a positive contribution from the acquisitions made in 2018 and the first half of 2019. 

"The more specialist nature of the acquired businesses ensures that our value-add to customers and vendors continues to increase.”

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