(Alliance News) - Midwich Group PLC shares jumped on Wednesday, after it said it expects to report record revenue and profit ahead of expectations.
Shares in the audio visual technology distributor were up 9.8% to 540.00 pence each in London on Wednesday morning.
Midwich said that it ended 2022 "strongly" and now expects to report record full-year revenue of USD1.2 billion. This represents growth of around 40% year-on-year, with organic growth of over 20%, it noted.
Based on this, the company now expects pretax profit for 2022 to be "comfortably" ahead of market consensus. Market consensus based on a range of GBP 40.1 million to GBP41.2 million.
In 2021, the company reported revenue of GBP856.0 million and pretax profit of GBP18.9 million.
Midwich added that adjusted net debt at December 31 was under GBP100 million and in line with its expectations.
Looking ahead, Managing Director Stephen Fenby said: "Despite continued general economic uncertainty and rising interest rates, the strength of the business and expected growth of the AV market lead the Board to look forward to 2023 and beyond with confidence."
Midwich will announce its final results for 2022 on March 14.
By Sophie Rose, Alliance News reporter
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Midwich Group (MIDW)