Kitwave reports rise in revenue and profit for 2024 financial year

Kitwave Group saw revenues increase by 10.2% to £663.7 million in the year to 31 October 2024. In like-for-like terms, revenue grew by 5%.

Ben Maxted: ‘Kitwave has delivered another strong full-year performance.’

Adjusted operating profit was up by 6.3% to £34 million, and gross profit margin also increased – by 0.4% to 22.3% during the year. Profit before tax was £22.5 million.

Ben Maxted, chief executive officer of Kitwave, commented: “Kitwave has delivered another strong full-year performance. We have met full-year market expectations, achieved organic growth and expanded our operations, particularly in our Foodservice division.

“The Group had a clear plan for FY24 to invest for growth in three key areas: IT, delivery infrastructure and strategic mergers & acquisitions opportunities. The successful execution of this plan saw new warehouse technology enhancing operational efficiencies, a new state-of-the-art storage and delivery facility in the South West, and three acquisitions completed, which have significantly increased the scale of the group’s UK network.”

The three acquisitions were:

WLG (Holdings) in November 2023. WLG is a composite family-run drinks business based in Oldham.

Total Foodservice Solutions in March 2024. Total Foodservice is an independent food wholesaler in the North of England.

Creed Catering Supplies in September 2024. Creed is an independent family-owned foodservice wholesaler in the South of England.

WLG and Total Foodservice have already been fully integrated into the Group, with expected operational and financial synergies starting to be realised, said Kitwave.

Other developments during the last financial year include Kitwave joining Country Range Group in July 2024, and significant investment in fleet, with £1 million in new vehicles and £13 million through right-of-use vehicle replacement, resulting in over 150 new vehicles that are Euro 6 compliant.

Maxted added: “Importantly, the group continued to deliver growth and maintain its high levels of customer service, resulting in achieving over 98% satisfaction in customer service excellence levels. This is testament to our operations model and the commitment of our team.

“Looking ahead, the group has started the new financial year well, and the board is already working towards its goals for FY25. We believe this will generate value for our stakeholders, and we would like to thank all our people for another successful year.”