Midwich has reported its business rebounded in the second half of 2020 in what group MD Stephen Fenby describes as a “very challenging year” for the industry.
Revenues grew by four per cent to £710m in Midwich’s full year 2020. The figure represents a H2 recovery for the AV distributor, which it attributed to a strong end to the year in November and December in a trading update this morning. However sales before the positive effects of in-year acquisitions were down seven per cent in H2, compared to a 22 per cent drop in the first half of the year, resulting in an overall decline of 14 per cent for the year.
Midwich now anticipates that adjusted profit before tax will be £14m for the year ending 31 December 2020, significantly ahead of its expectations.