The Kitwave Groups’ revenues rose by 32% to £503.1m and gross profit margin increased to 20% for the twelve months ending 31 October, with the company putting this down to acquisitions and strong business performance.
The company acquired M.J. Baker Foodservice in February 2022 and recently completed the purchase of WestCountry Food Holdings for £29m in December.
Kitwave also opened its new 60,000 sq. ft Wakefield distribution centre in March 2022. The upgraded facility which acts as the head office for wholesaler HB Clark, is said to have delivered operational and administrative efficiencies, enabling the Foodservice division to deliver growth and improved service levels.
Paul Young, chief executive of Kitwave, commented “I am pleased to report on the Group’s final results for the twelve months ending 31 October 2022. As announced in the Group’s trading update in November 2022, the strong performance during the first half of the year continued into the second half. We are, therefore, able to report results in line with the upgraded market expectations that were referred to in the interim results, published in July 2022. The Group’s strong performance has continued into the first three months of the new financial year.
“Kitwave has made significant progress, both operationally and commercially during the period, despite the challenging macro environment backdrop. Whilst the COVID-19 pandemic is mostly behind us, its knock-on effects still linger. We remain cognisant of UK cost of living issues, however, the Group is well placed to combat these and, as such, we are confident of a positive 2023 trading period.