Midwich has provided a trading update for the year ended 31st December 2017.
The group’s trading momentum continued into the second half of the year, with encouraging growth seen across all of the group’s divisions. Additionally, all of the acquisitions made in 2017 performed either in line or ahead of our expectations and continue to benefit from being part of the group.
Consequently, the board now expects to report revenue for 2017 of approximately £470 million, representing growth of around 28 per cent over prior year. Movements in exchange rates account for approximately 3 per cent of this growth. The group has delivered this revenue growth whilst continuing to improve gross margins in line with the board’s expectations. Cash generation to the year end was also strong, finishing marginally ahead of the board’s expectations.
As a result of this performance, the board now anticipates reporting adjusted profit before tax for 2017 comfortably ahead of its previous expectations.
Stephen Fenby, Managing Director, the Midwich Group said, “2017 was another year of solid growth for Midwich, with strong performances from the group’s existing businesses and significant contributions from the acquisitions made through the year. We have been pleased with the integration of all the businesses we acquired and they are all trading in line or ahead of management’s expectations. Through 2018, management will continue to explore cross-selling opportunities in the current portfolio while also evaluating the healthy pipeline of potential acquisitions both in the group’s existing markets and in new territories.”
Midwich will announce its final results for the year ended 31st December 2017 on 13th March 2018.