- Audio visual equipment distributor Midwich posted a 13% rise in annual profit, as boosted sales by a fifth while maintaining its margins.

Pre-tax profit for the year through December increased to £23.8m, up from £21.0m on-year.

Revenue jumped 20% to £686.2m, assisted by acquisitions, while organic revenue grew 6%.

Midwich declared a final dividend of 11.05p per share, up 4.2% on-year.

'In a challenging year of economic and political factors, I am very pleased that the group continued to grow strongly across all markets and geographies,' chief executive Stephen Fenby said.

'Market conditions continue to be generally challenging, but stable, albeit that the potential impact of the spread of the Covid-19 virus is still being assessed.'

'At present, excluding any potential impact of the Covid-19 virus, the board's expectations for the full year remain unchanged."

At 9:41am: [LON:MIDW] Midwich Group PLC share price was +27p at 487p

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