LONDON (ShareCast) - (ShareCast News) - Specialist audio visual and document solutions distributor Midwich said 2016 pre-tax profit is likely to be "comfortably ahead" of its previous expectations following a strong performance in the second half.
In a trading update for the year to the end of December, Midwich said trading momentum continued in the second half and the group benefited from the continued weakness in the pound. The company saw growth across all of its divisions, in particular the overseas business, and a better-than-expected contribution from its most recent UK acquisition, Holdan.

As a result, Midwich now expects to report revenue for 2016 of about £370m, up 18% on the previous year, with forex movements accounting for approximately 3% of this growth.

"The group has delivered this revenue growth and continued to improve gross margins in line with the board's expectations."

Shares in the company, which is due to release its final results for 2016 on 14 March, were up 18% to 264p at 1030 GMT.

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