The Kitwave Group experienced a strong first half financial performance with all divisions of the business for the six-month period ended 30 April 2022, with the group confirming that it is now trading at pre-pandemic levels or higher.
Following this performance, the Board now anticipates the Group’s results for the full financial year to be slightly ahead of market expectations, and due to the seasonality of the business, there is a heavier weighting towards trading in the second half of the year.
In the statemen, Kitwave also confirmed that the integration of M.J. Baker Foodservice, which was acquired in February 2022, into the Group has gone to plan and the business is performing in line with internal expectations.
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Paul Young, chief executive Kitwave, commented: “I am pleased to report on the progress made by the Group in the six months ending 30 April 2022. Following an encouraging first half performance, and with the second half of the year typically driving increased trading, we expect full year results to be slightly ahead of market expectations.
“During the period, we were delighted to announce Kitwave’s first acquisition since its admission to AIM in May 2021. The acquisition of M.J. Baker enables a significant expansion of the Group’s activities into south-west England and complements the Group’s existing Foodservice division. The integration of the business into the Group is going as hoped and the business is operating in line with internal expectations. We look forward to providing updates to the market in due course.”