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This company moves with the times and grows exponentially
Thursday 22 Mar 2018 Author: David Stevenson

Midwich (MIDW) 550p

Gain to date: 47%

Original entry point: Buy at 374p, 24 August 2017


Audio visual equipment supplier Midwich (MIDW:AIM) rewarded shareholders with a 36.2% hike in its dividend for its 2017 year, paying 13.8p per share. Its 2017 results were pleasing across the board, with pre-tax profit up 56.2% to £18.9m on revenue that increased 27.5% to £471.9m.

Managing director Stephen Fenby tells Shares that the company’s acquisition policy is to grow capabilities and expand geographies.

The company last year bought Earpro, a professional audio systems distributer based in Spain and Portugal as well as a majority stake in Gebroeders van Domburg, a Netherlands-based mainstream audio visual solutions provider.

Midwich now has offerings across Europe as well as businesses in New Zealand and Australia which trade under the Midwich name.

Its acquisitions attributed 6.8% of the 27.5% revenue growth in 2017 although it is also enjoying strong organic growth as well. The company estimates that over the last five years, one third of its profit growth has been derived from acquiring businesses.

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