Kitwave Group increased revenues by 23% to £275 million in the six months ended 30 April 2023. Profit before tax rose by 48% to £8.3 million, and consolidated gross margin improved to 21.6%.
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.”
He added: “A significant highlight during the period was the group’s successful acquisition [in December 2022] 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.”