Midwich, which supplies audio visual products to the trade market worldwide from its base in Diss, reported its highest profit margins ever, increasing by more than 15pc since 2022.

Its operating profit also hit a new record in 2023, increasing by 16.6pc on the previous period to $59.6m.

Revenue was recorded at £1,289.1m, which bosses said was thanks to good growth despite a “challenging global market”.

The firm’s financial performance was also boosted by six new acquisitions, including of prodyTel, a German audio product distributor with assets worth £5.6m.

Stephen Fenby, managing director of Midwich Group, said: “The Group had another strong year, both operationally and financially, improving all key metrics in a highly challenging market.

“Our performance reflects the fundamental strength of the business, our customer and vendor relationships, our geographic and technical solution diversity and, most of all, the skills and dedication of our team.

“Although still early into the new financial year, and being mindful of the continued challenging general economic conditions, we remain confident that 2024 will see yet another year of growth in excess of the overall market.”

QOSHE - Norfolk firm exceeds $50m profits for first time in record-breaking year - Bethany Wales
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Norfolk firm exceeds $50m profits for first time in record-breaking year

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20.03.2024

Midwich, which supplies audio visual products to the trade market worldwide from its base in Diss, reported its highest profit margins ever, increasing by more than 15pc since 2022.

Its operating profit also hit a new record in 2023, increasing by 16.6pc on the previous period to $59.6m.

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© Eastern Daily Press


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