AV Magazine AV Magazine 
Midwich has said it expects to record yet another record-breaking sales figure, while also revealing increased funding for acquisitions.
In a trading update issued this morning, the group said it was expecting sales of £1.2 billion for the year ended 31 December.
This is an increase of 40% over the prior year, or 39% at constant currency. Organic growth was up over 20% while gross margin was in line with 2021 levels.
The company said it expected its profits to be comfortably ahead of stock market expectations which stood at an average of £40.8 million yesterday.
The company also announced an increase in its revolving credit facility from £80 million to £175 million, “to support delivery of its acquisition pipeline”.
Stephen Fenby, group managing director, commented: “2022 saw the strongest annual growth in the group’s history, with revenue increasing by over 40% to £1.2 billion. This significant revenue growth led to a record profit performance, for which I would like to thank the team and our partners for their continued support. Despite continued general economic uncertainty and rising interest rates, the strength of the business and expected growth of the AV market lead the board to look forward to 2023 and beyond with confidence.”
Midwich will announce its final results for the year ended 31 December 2022 on 14 March 2023.
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