Midwich Group PLC (AIM:MIDW) shares leapt over 10% higher after the specialist audio-visual products distributor predicted record revenue and profits above expectations for the year just passed.
In a trading update, the company said it is “well placed” for the year ahead as it revealed revenue of £1.2bn for the year to 31 December 2022, up 40% on the prior year, with pre-tax profit estimated to come in “comfortably” ahead of market consensus forecasts of £40.8mln.
The gross margin was broadly in line with 2021 levels, it added.
“Despite continued general economic uncertainty and rising interest rates, the strength of the business and expected growth of the AV market lead the board to look forward to 2023 and beyond with confidence," said Midwich group managing director Stephen Fenby in a trading update.
Midwich shares advanced 10.98% to 546p in early trade.