Kitwave Group achieved revenue of £380.7 million and adjusted operating profit of £7.1 million in the 12 months ended 31 October 2021.
The company is using the 18 months to 31 October 2020 as its comparative prior period, when revenue was £592 million and adjusted operating profit was £16.5 million.
Kitwave had previously reported that, in the 12 months to 30 April 2020, its revenue was £399 million.
Commenting on the most recent results, CEO Paul Young said: “While this year has been particularly challenging for our independent customers, who have been forced to close or operate in a reduced capacity for sustained periods of time as a result of Covid-19 restrictions, it is clear that we are nearing a return to some form of normality.
“The majority of our customers have successfully guided themselves through the perils that the pandemic brought upon us and, as a result, trading, which was heavily impacted in the first six months of the year, has returned to pre-pandemic levels over recent months.”
In the past year, the group opened a new 70,000 sq ft distribution centre in Luton as a replacement for its previous site at Luton airport. The warehouse, which can store in excess of 5,000 pallets, was specifically commissioned to cater for frozen & chilled product operations.
Kitwave has reported that work is progressing on a new foodservice warehouse in Wakefield, expected to be opened in March 2022. This will replace the existing inherited site in Wakefield that is no longer fit for purpose.
The group also recently acquired MJ Baker Foodservice for £24.5 million.
Young said: “With the worst of the adverse effects brought about by Covid-19 now behind us, and barring any further lockdowns, the outlook for Kitwave is a positive one. The board continues to focus on capitalising upon the UK’s fragmented grocery and foodservice wholesale market and generating value for the group and its shareholders through operational efficiencies, organic growth and further acquisitions.”
He added that Kitwave is currently trading slightly ahead of market expectations.Published Date: February 28, 2022