Midwich has released encouraging preliminary results for H1 2023, projecting record revenues and pre-tax profits.
Revenue is set to surpass £610m, up by 7.5% from H1 2022, and pre-tax profits are expected to rise by 14% to over £21.5m.
While the EMEA region saw a 14% increase in revenue, led by the audio sector, the UK and Ireland experienced a minor dip in revenue. Despite this, these regions still enhanced their operating profits, driven by improved margins and efficient overhead management.
Midwich's growth strategy is centered on market and geographic expansion, bolstered by recent acquisitions, including SF Marketing, Toolfarm.com, and Digital Media Promos.
Midwich stated: “With order books remaining healthy, unless general economic conditions deteriorate significantly, the board expects the momentum seen in H1 2023 to continue throughout the remainder of the year.
"As a result, the board continues to expect trading performance for the full year to be in line with its previous expectations before the positive contribution from the three acquisitions completed in July.”
The distributor will share more details abouts its H1 financial performance in early September.
