Global Diss-based firm achieved record revenue and profits last year

Midwich, which supplies audio visual products to the trade market worldwide, has reported a 20.3pc growth in revenue, taking its total for 2021 to £856m.

Its gross profit for the year increased by 28.9pc to £131.3m.

Part of its success has been due to expanding into new territories with the firm entering the Middle East market through the buy-out of Qatar and United Arab Emirates-based NMK.

This year the Norfolk company continued its growth with the buying of Cardiff-based Cooper Project Limited, which has allowed it to launch into the UK video security market.

It also completed its takeover of Nimans Limited, a specialist distributor of communications and audio visual technologies based in Pendlebury, Manchester.

Stephen Fenby, managing director of Midwich Group plc, said that during 2021 the company had a "very strong year" that had enabled it to achieve "record revenues and adjusted net profits".

He added: "This level of performance has required a monumental effort from all of our teams and the much-appreciated loyalty and support of our customers and vendors.

"The pandemic-related difficulties of 2020 continued through much of 2021. These included the practicalities of home and hybrid working, product shortages, unpredictable timing of inventory supplies, logistics cost increases and a number of higher margin end-user markets remaining largely closed.

"We have continued to focus not only on delivering strong short-term performance, but also building the business for the long term.

"We have grown and strengthened our team during the year, including particularly in North America, and also in our group-wide IT capabilities.

"Our acquisition programme has continued, with three transactions
completed in the year and two substantial deals announced post year end.

"As markets start to open up once more, I believe our business is well placed to enjoy further growth and success."