Global AV distributor Midwich expects to achieve record revenue of approximately £1.3 billion for 2023.
In a trading update, the company said the figure would represent a 6% constant currency increase versus the previous year, although it didn’t specify the impact of acquisitions on the top line. Pre-tax profit should come in at around £50 million, in line with market consensus.
Group Managing Director Stephen Fenby commented: “After two years of exceptional revenue growth, the market backdrop throughout 2023 was much more challenging, with demand for our more mainstream AV products impacted significantly in many territories. We responded to this by focusing on our technical product categories, completing a record seven acquisitions in 2023 and ending the year with a strong M&A pipeline.”
He added: “I believe, we made further market share gains in our biggest regions. While the broader market backdrop remains uncertain, the recent acquisitions have integrated well and continue to trade broadly in line with our expectations.”
Midwich will provide more details of its 2023 results on 19 March.
