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Specialist audio visual distributor Midwich swung to a first-half profit after sales recovered as lockdowns eased.
Pre-tax profit for the six months through June amounted to £7.1 million, compared to a year-on-year loss of £2.5 million. Revenue jumped 29% to £390.1 million.
Midwich reinstated its interim dividend at 3.3p per share.
The company said trading since 30 June had been in line with its expectations and 'well ahead' of the comparative period.
'The higher margin live events and hospitality markets are starting to recover in a number of territories, although we believe there is still a considerable way to go,' chief executive Stephen Fenby said.
'The recovery of the corporate market has been slightly slower than expected, as corporates have in some cases deferred their return-to-office plans.'
'There is a more significant level of enquiries and activity in this market, and we now expect that this will start to be converted into orders and revenue in early 2022.'
'The board believes that the group's markets and business should continue to improve steadily across the remainder of 2021 and into 2022, although there remains a risk of negative impact due to further lockdowns.'
'Shortages of product appear to be worsening and are having a dampening effect on revenues, albeit such impacts should be temporary and not affect the general growth trajectory of the business.'