Midwich Group PLC on Wednesday said it expects record revenue growth for 2023 and added that profit is set to be in line with market guidance.

The Norfolk, England-based specialist audiovisual distributor to the trade market said it expects revenue for 2023 to be around £1.3 billion, up around 8.0% from £1.20 billion the year before.

Adjusted pretax profit is expected to be around £50 million, an increase from £45.2 million a year ago, and in line with a market consensus range of £49.4 million to £51.0 million.

Midwich added that it expects a gross margin of around 17%, up from 15% in 2022, and above pre-Covid levels, resulting from positive product mix throughout the year.

Adjusted net debt at December 31 was around £90 million, compared to £96.0 million the year prior.

Managing Director Stephen Fenby said: ‘I am delighted to report that the group delivered the highest revenue, gross margins and adjusted profit before tax in its history and, I believe, we made further market share gains in our biggest regions.’

Shares in Midwich were down 5.6% at 377.80 pence each in London on Wednesday morning.

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