Kitwave Group increased revenues from £380.7 million to £503.1 million in the 12 months ended 31 October 2022. Profit before tax rose from £2.1 million to £17.8 million, and gross profit margin increased from 18% to 20%.
Paul Young, chief executive officer of Kitwave, commented: “The strong performance during the first half of the year continued into the second half. The group’s strong performance has continued into the first three months of the new financial year.”
He added: “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.”
Young confirmed that Kitwave continues on its acquisition trail: “The board recognises the significant market opportunity within the fragmented UK wholesale market, and Kitwave’s strategy is focused on capitalising on this. The success of our acquisitions to date has demonstrated the viability of this strategy, with the group continuing to look to identify acquisition opportunities to combine with its initiatives to drive organic growth.”
Kitwave’s most recent acquisition was WestCountry Food Holdings, a specialist fresh produce wholesaler to the foodservice sector operating in the South West of England, in December.