StockMarketWire.com - Specialist audio-visual distributor Midwich posted a 48% jump in first-half profit after acquisitions helped boost revenue and its margins improved.

Pre-tax profit for the six months through June rose to £11.8m, as revenue climbed 25% to £264.1m

The company declared an interim dividend of 4.6p per share, up 10% on-year.

'The group has had another strong first half and I am pleased with the performance across all of our territories,' chief executive Stephen Fenby said.

'The increase in the group's gross margin percentage reflects both growth in the core business and a significant contribution from the three acquisitions made in 2017 in our displays and technical product categories.'

'The more specialist nature of the acquired businesses ensures that our value add to customers and vendors continues to increase. '

'The strong performance reported in the first half, coupled with positive sales momentum and strong contributions from recent acquisitions, gives the board confidence that the group will report full year results in line with its revised expectations, which were upgraded at the time of the group's trading statement on 20 July 2018.'

At 8:02am: [LON:MIDW] Midwich Group Plc share price was -2.5p at 675p



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