The Kitwave Group’s revenues are up 23% to £275m for the first half the year and profit before tax also increased by 48% to £8.3m, with the board predicting results for the full financial year to be ahead of market expectations that were established at the start of the financial year.
Since the last results, the group has integrated Westcountry Food Holdings Ltd following its acquisition at the end of last year and confirmed the cconstruction of a new 80,000 sq. ft distribution site to fully integrate the group’s South West foodservice operations commenced in June 2023 with a planned completion of Q3 2024.
Paul Young, Chief Executive Officer of Kitwave, commented: “We are pleased to report continued strong progress across the Group in the six months ended 30 April 2023. With trading in the wholesale sector typically weighted towards the second half of the year, we are confident that this positive momentum will continue throughout 2023, and results for the full financial year will be ahead of market expectations that were established at the start of the financial year.
“A significant highlight during the period was the Group’s successful acquisition and integration of WestCountry into our Foodservice division, where we are now able to deliver high-quality fresh produce throughout the South West. This acquisition demonstrates the strong results that can be achieved when taking advantage of the considerable opportunities available in the UK’s fragmented wholesale market.
“We believe that our unwavering focus on operational efficiency, strategic investments, and customer satisfaction, means we are well placed to drive sustainable growth, both organically and through acquisitions to deliver value for the Group and its shareholders.”