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Midwich Group PLC on Tuesday reported double-digit rises in both yearly revenue and profit as it lifted its dividend by 35%. Shares were up 7.6% at 471.20 pence each on Tuesday around midday in London. The audio visual technology distributor said revenue surged by 41% to £1.20 billion in 2022 from £856.0 million in 2021. This reflected strong organic growth globally and the performance of the acquisitions of DVS and Nimans. Pretax profit rose by 32% to £24.9 million from £18.9 million, as operating profit jumped by 67% to £35.1 million from £21.0 million a year earlier. Earnings per share rose by 23% to 17.32 pence from 14.11p. Managing Director Stephen Fenby said: ‘We have delivered an outstanding performance this year, with revenue increasing 41% to over £1.2 billion, a record level, made significant market share gains and entered new markets.’ Midwich declared a final dividend of 10.5 pence per share, bringing the total dividend to 15.0p, up 35% from 11.1p a year prior. Looking ahead, Midwich said it remains confident that 2023 will be another year of growth in excess of the overall market. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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