Secondary Recommendation

Midwich - Excellent position in audio visual and document solutions

December 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

• I met with Stephen Fenby, chief executive of Midwich (MIDW; 222.5p), last month. The group is Europe’s biggest specialist “audio visual (AV) and document solutions distributor” to the trade (professional integrators and IT resellers). It has already proved a great success story, growing its sales in the last three years (2013-15) by 16% and operating profit by 26.4% helped by a steady diet of acquisitions. A major factor in the growth has been the quality of service provided in the form of high stock availability, a good range of products, fast delivery and technical help.The shares joined AIM in May at 208p following a placing that raised £75m. Of that, £26m was used to pay down debt and ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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