(Alliance News) - Midwich Group PLC on Wednesday said it expects record revenue growth for 2023 and added that profit is set to be in line with market guidance.
The Norfolk, England-based specialist audiovisual distributor to the trade market said it expects revenue for 2023 to be around GBP1.3 billion, up around 8.0% from GBP1.20 billion the year before.
Adjusted pretax profit is expected to be around GBP50 million, an increase from GBP45.2 million a year ago, and in line with a market consensus range of GBP49.4 million to GBP51.0 million.
Midwich added that it expects a gross margin of around 17%, up from 15% in 2022, and above pre-Covid levels, resulting from positive product mix throughout the year.
Adjusted net debt at December 31 was around GBP90 million, compared to GBP96.0 million the year prior.
Managing Director Stephen Fenby said: "I am delighted to report that the group delivered the highest revenue, gross margins and adjusted profit before tax in its history and, I believe, we made further market share gains in our biggest regions."
Shares in Midwich were down 5.6% at 377.80 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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Midwich Group (MIDW)