Midwich Group PLC on Tuesday reported double-digit rises in both yearly revenue and profit as it lifted its dividend by 35%.

Shares were up 7.6% at 471.20 pence each on Tuesday around midday in London.

The audio visual technology distributor said revenue surged by 41% to £1.20 billion in 2022 from £856.0 million in 2021. This reflected strong organic growth globally and the performance of the acquisitions of DVS and Nimans.

Pretax profit rose by 32% to £24.9 million from £18.9 million, as operating profit jumped by 67% to £35.1 million from £21.0 million a year earlier.

Earnings per share rose by 23% to 17.32 pence from 14.11p.

Managing Director Stephen Fenby said: ‘We have delivered an outstanding performance this year, with revenue increasing 41% to over £1.2 billion, a record level, made significant market share gains and entered new markets.’

Midwich declared a final dividend of 10.5 pence per share, bringing the total dividend to 15.0p, up 35% from 11.1p a year prior.

Looking ahead, Midwich said it remains confident that 2023 will be another year of growth in excess of the overall market.

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