Kitwave predicts full-year results ahead of market expectations

Kitwave Group is predicting that its results for the full financial year will be slightly ahead of market expectations.

CEO Paul Young (right) with CFO David Brind.

The delivered wholesale business gave a pre-close trading update for the six-month period ended 30 April 2022.

The Group experienced a strong first-half financial performance, with all divisions of the business now trading at pre-pandemic levels or higher.

Due to the seasonality of the business, as in historical periods, there is a heavier weighting towards trading in the second half of the year.

The final full-year results of the group will be influenced by external pressures and uncertainties from cost of living pressures impacting the disposable income of consumers. The business will also continue to face higher operating costs; however, the board is confident that these will be recovered.

Paul Young, chief executive officer of Kitwave, commented: “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 MJ 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.”