StockMarketWire.com - Specialist audio visual distributor Midwich forecast a large improvement in first-half profit and upgraded its annual guidance on the back of improving revenue and margins.

Adjusted pre-tax profit for the six months through June was expected to be around £13 million, compared with £3.2 million year-on-year.

Revenue was seen rising 29% to around £390 million, though the company said it did represent a weak comparator due to the onset of the pandemic.

Gross margin was around 15.2%, 0.7% higher year-on-year and 0.9% higher than for 2020 as a whole.

'If lockdown restrictions within the group's key markets continue to ease, the board expects the momentum seen in the first half to continue throughout the remainder of the year,' Midwich said.

'As a result, the board now expects that revenue and profit for the full year will be comfortably ahead of the top end of analyst expectations.'


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