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(Alliance News) - Midwich Group PLC on Tuesday reported double-digit rises in both yearly revenue and profit as it lifted its dividend by 35%.
Shares were up 7.6% at 471.20 pence each on Tuesday around midday in London.
The audio visual technology distributor said revenue surged by 41% to GBP1.20 billion in 2022 from GBP856.0 million in 2021. This reflected strong organic growth globally and the performance of the acquisitions of DVS and Nimans.
Pretax profit rose by 32% to GBP24.9 million from GBP18.9 million, as operating profit jumped by 67% to GBP35.1 million from GBP21.0 million a year earlier.
Earnings per share rose by 23% to 17.32 pence from 14.11p.
Managing Director Stephen Fenby said: "We have delivered an outstanding performance this year, with revenue increasing 41% to over GBP1.2 billion, a record level, made significant market share gains and entered new markets."
Midwich declared a final dividend of 10.5 pence per share, bringing the total dividend to 15.0p, up 35% from 11.1p a year prior.
Looking ahead, Midwich said it remains confident that 2023 will be another year of growth in excess of the overall market.
By Xindi Wei, Alliance News reporter
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