Favourable exchange rate movements and a better performance from recently acquired Holdan led to recently-listed Midwich Group Plc (LON:MIDW) raising profit expectations.
The specialist audio visual and document solutions distributor to the trade market said it saw growth across all of its businesses in the second half of 2016.
Revenue for 2016 is now expected to be around £370mln, up 18% in the previous year, with three percentage points of that growth being down to foreign exchange rate movements.
According to market data aggregator Factset, the market had been expecting revenue of £339mln in 2017.
The higher sales will also boost profits, with the board disclosing that adjusted profit before tax for 2016 will be “comfortably ahead of its previous expectations”.
Shares in Midwich, which floated in May, were up 18% in late morning trading.