Midwich achieves year-on-year revenue and profit growth

Midwich Group plc, based in Diss, is a specialist AV distributor to the trade market.

The group, which which has almost 1,900 employees and 24,000 customers worldwide, distributes a range of products: from displays and projectors to professional audio and lighting.

Midwich recorded revenue of £646.1m in the six months to June 30, 2024, which was up by 5.8pc on the previous year (£610.4m in 2023).

The group achieved a gross profit of £111.8m – which grew by 12.2pc year-on-year.

Stephen Fenby, managing director of Midwich, in Diss (Image: Newsquest)

Stephen Fenby, managing director, said: “Our performance in H1 2024 demonstrated the robustness of Midwich’s offering against a tough market backdrop, with the group delivering revenue growth of 7.5pc at constant currency [a fixed exchange rate that eliminates fluctuations when calculating financial performance figures] and a significant improvement in our group gross profit percentage - moving from 16.3pc in H1 2023 to a new record of 17.3pc.”

“The AV market at the end of 2023 and through the first half of 2024 was affected by a degree of oversupply of mainstream products and associated discounting.

“Demand in corporate and education markets remained subdued, although this was largely offset by ongoing strength in the live event and entertainment sectors.”

Founded in 1979, Midwich began as a UK-only distributor but now has more than 1,800 employees worldwide.

Midwich has experienced a positive start to the second half of the year since publishing its interim results, with a return to growth in July.

Mr Fenby added: "I would like to thank our team, customers and vendors for their unwavering support during 2024 to date.”