Midwich has highlighted its burgeoning UC capabilities after reporting a rise in revenue amid a tricky year. The distie said sales rose four per cent year on year to £710m in its preliminary results, with adjusted profit before tax set to be ahead of market expectations at £14m. The results for FY20, which will be fully revealed in March, equate to a four per cent sales increase year on year, down from the 19 per cent growth reported in the previous 12 months. The results follow a turbulent year for Midwich in which it said H1 sales would tank 22 per cent, excluding revenue from acquisitions, amid lockdowns across Europe. Stephen Fenby, Group Managing Director of Midwich said that the UC and collaborations markets have been an area of focus, as hospitality and events continue to be disrupted by COVID-19. High-profile additions to the UC portfolio included a hardware-as-a-service partnership with Poly. "I am pleased with the group's significant achievements in what was a very challenging year for both the world economy and our industry,” said Fenby. “Although markets for many of our higher-margin product areas were significantly depressed, I am pleased that the group was able to grow its share of the business.” “The Group has made substantial progress in acquiring new brands while also exiting from lower margin or unprofitable relationships.
"In particular, we have enhanced our offering in the unified communications, collaboration and audio segments through the year"
“Our acquisition of Starin Marketing in the US in February 2020, followed by the acquisition of NMK in the Middle East, represents the group's entry into two strategically important markets. “These acquisitions should substantially enhance our ability to serve international integrators and their global end user project rollouts. As a result of these acquisitions, the Group now has a foothold in all strategically important global regions and will look to build on that presence in the years to come.”
Midwich's share price rose over five per cent after the results were published.
