‘Numerous additional growth opportunities’ for Kitwave

Kitwave Group has announced its financial results for the six months ended 30 April 2021 – prior to the flotation of the company on 24 May 2021.

Kitwave CEO Paul Young (right) and chief finance officer David Brind.

Revenues of £147.1 million were achieved. In the 12 months ended 30 April 2020, revenues were £399 million.

Operating profit was £800,000. In the 12 months ended 30 April 2020, it was £7.6 million.

The results were affected by COVID-19 lockdown restrictions and, in particular, closures within the leisure and hospitality sector.

Since April, trading has returned close to pre-pandemic levels. Paul Young, Kitwave CEO, said: “All of the Group’s divisions experienced some level of impact from the stop-start nature of COVID-19 restrictions.

“Supply to pubs, restaurants and vending machine operators was severely disrupted as these businesses were either closed or operating under constraints. In contrast, our frozen & chilled division was extremely resilient and operated close to pre-COVID-19 levels throughout the period.

“The board anticipates a buoyant market to return once COVID-19 lockdown restrictions are removed fully and has confidence that the Group will continue to be one of the leading independent delivered wholesale providers in the UK.

“The UK grocery and foodservice wholesale market remains highly fragmented and the directors believe this presents Kitwave with numerous additional growth opportunities.”

Kitwave currently has 26 depots throughout the UK.

Tel: Kitwave 0191-259 2277



Published Date: July 28, 2021
Category: Wholesale Industry News