(Sharecast News) - Global specialist audio visual distributor Midwich Group said in an update on Tuesday that while the pro AV market grew at an estimated 10.5% in 2022, it achieved record revenue, increasing by more than 20% organically and over 40% in total.
The AIM-traded firm, which was holding its annual general meeting, said it also achieved record adjusted profit before tax, having delivered annual revenue growth of 22% since 2016.
It said that, despite the company's scale, Midwich still had a small share of a vast global market, and was committed to its established strategy of delivering strong organic growth.
The company said it would also supplement its growth with targeted acquisitions while building on its expertise across a broader range of markets and products.
"Market conditions in the current year to date have been challenging in a number of territories, reflecting the wider macroeconomic backdrop, but the group has seen further revenue growth in the first four months and the board's expectations for the full year are unchanged," said chairman Andrew Herbert.
Midwich said it intended to announce a trading update for the six months ending 30 June on 18 July.
At 1222 BST, shares in Midwich Group were up 1.21% at 457.46p.
Reporting by Josh White for Sharecast.com.
Midwich Group (MIDW)