Kitwave Group, the North Shields-based delivered wholesale business, has reported strong performance across all divisions in the six-month period ended 30 April.
The group said it expects the results for the full financial year to be slightly ahead of expectations as there is a heavier weighting towards trading in the second half of the year due to the seasonality of the business.
“I am pleased to report on the progress made by the group in the six months ending 30 April 2023. Following a strong first half performance, and with the second half of the year typically driving increased trading, we expect full year results will be slightly ahead of market expectations,” Paul Young, Kitwave chief executive, said.
The business said it remains conscious of the wider macroeconomic environment including inflationary headwinds but added that it is well-placed to mitigate these risks.
"With the considerable opportunities still available, both in the form of organic developments and through strategic, complementary acquisitions in a largely fragmented wholesale market, we have an excellent platform for growth. We look forward to continuing to deliver value to the group and its shareholders and updating the market on our continued progress,” Young commented.
Kitwave has acquired Westcountry Food Holdings Limited, a specialist fresh produce wholesaler, in December last year, complementing its existing foodservice division and expanding its reach into the South West. The group said the integration of the business has been successful and it is performing in line with management expectations.
Tanwar Hussain
