The Kitwave Group’s H1 revenues have increased by 26.7% comapred to same period last year to £376.2m year on year, with adjusted operating profit up 21.9% to £13.2m and consolidated gross margin also increasing by 1.1% to 22.6%.
Kitwave acquired Creed Foodservice last year for an initial fee of £60m and the company revealed that the integration is ahead of timetable, with full benefits to be realised over the next two years. The group also added that the acquisition created a fully integrated national delivery network to support long term growth.
Read more: Kitwave performance in-line with expectations, group says
Chief executive Ben Maxted said: “This period has seen record revenue and operating profits for Kitwave, underpinned by our continued strategic transformation and supported by the acquisition of Creed Foodservice, which has proven to be an excellent addition to the Group. Whilst we have navigated some operational changes, particularly the transition to a new, larger depot in the South West and the integration of multiple businesses, we are pleased with the solid progress made and the underlying strength of our group.”
The company also revealed that the operational integration of Total Foodservice with Miller Foodservice is on track and expected to be completed by the end of the financial year.
