Kitwave Group PLC Trading Update (9527X)
02 May 2023 - 4:00PM
UK Regulatory
TIDMKITW
RNS Number : 9527X
Kitwave Group PLC
02 May 2023
2 May 2023
Kitwave Group plc
("Kitwave", the "Group" or the "Company")
Trading Update
Kitwave Group plc (AIM: KITW), the delivered wholesale business,
today announces a pre-close trading update for the six-month period
ended 30 April 2023.
The Group's strong performance across all divisions continued
throughout the first half of its FY23 financial year. Due to the
seasonality of the business, as in previous periods, there is a
heavier weighting towards trading in the second half of the year.
The Board anticipates that the Group's results for the full
financial year will be slightly ahead of market expectations.
The Board remains conscious of the wider macroeconomic
environment including inflationary headwinds but believes that the
Group is well-placed to mitigate these risks.
The acquisition of Westcountry Food Holdings Limited, a
specialist fresh produce wholesaler, in December 2022 complements
the Group's existing Foodservice division and enables the expansion
of our reach into the South West. The integration of the business
into the Group has been successful and it is performing in line
with management expectations.
Paul Young, Chief Executive Officer of Kitwave, commented:
"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.
" 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."
- Ends -
For further information please contact:
Kitwave Group plc Tel: +44 (0) 191 259 2277
Paul Young, Chief Executive Officer
David Brind, Chief Financial Officer
www.kitwave.co.uk
Canaccord Genuity Limited Tel: +44 (0) 20 7523 8150
(Nominated Adviser and Sole Broker)
Bobbie Hilliam
Yellow Jersey PR Tel: +44 (0) 20 3004 9512
(Financial media and PR)
Sarah Hollins
Shivantha Thambirajah
Bessie Elliot
Company Overview
Founded in 1987, following the acquisition of a single-site
confectionery wholesale business based in North Shields, United
Kingdom, Kitwave is a delivered wholesale business, specialising in
selling and delivering impulse products, frozen, chilled and fresh
foods, alcohol, groceries and tobacco to approximately 42,000,
mainly independent, customers.
With a network of 29 depots, Kitwave is able to support delivery
throughout the UK to a diverse customer base, which includes
independent convenience retailers, leisure outlets, vending machine
operators, foodservice providers and other wholesalers, as well as
leading national retailers.
The Group's growth to date has been achieved both organically
and through a strategy of acquiring smaller, predominantly
family-owned, complementary businesses in the fragmented UK grocery
and foodservice wholesale market.
Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of
the London Stock Exchange on 24 May 2021.
For further information, please visit: www.kitwave.co.uk .
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END
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