Kitwave Group, the delivered wholesale business, has reported strong revenue and profit growth for its 2024 fiscal.
In the 12 months ended 31 October 2024, the group revenues increased by 10.2 per cent to £663.7 million, and adjusted operating profit rose by 6.3 per cent to £34m. Like-for-like revenue growth stood at 5 per cent.
“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,” Ben Maxted, chief executive of Kitwave, commented.
"The group had a clear plan for FY24 to invest for growth in three key areas: IT, delivery infrastructure and strategic M&A 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 group completed three acquisitions – WLG (Holdings) Limited in Oldham, Total Foodservice Solutions Limited in the North of England and Creed Catering Supplies Limited in the South of England – in the reporting period, significantly expanding its foodservice division.
The company said WLG and Total Foodservice have been fully integrated into the group, with expected operational and financial synergies starting to be realised.
It also completed the new 80,000 square-foot distribution centre in September 2024, adding further capacity for growth of foodservice operations in the South West.
“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,” Maxted added.
