Kitwave Group PLC Trading Update (4110S)
06 November 2023 - 6:00PM
UK Regulatory
TIDMKITW
RNS Number : 4110S
Kitwave Group PLC
06 November 2023
6 November 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 year ended 31
October 2023 ("FY2023").
Trading update
Following a strong performance in the first half of FY2023,
positive momentum continued across all of the Group's divisions. As
a result, and following the significant upgrade in July 2023, the
Board expects the full-year financial results to be in line with
current market expectations.
Whilst acknowledging the prevailing macroeconomic landscape,
which has created broader inflationary challenges, the Board
remains confident in the Group's ability to utilise its extensive
experience and expertise to mitigate these risks effectively.
The integration of West Country Food Holdings, the specialist
fresh produce wholesaler, has been successful and the business is
performing in line with management expectations. The construction
of a new 80,000 sq. ft. distribution centre to fully integrate the
Group's South West operations has commenced with completion planned
for Autumn 2024. The Group continues to look for opportunities to
grow both organically and through strategic acquisitions.
The Group's web-based trading platform, launched in FY2022, has
demonstrated excellent results in terms of brand partner and
customer engagement with utilisation of the platform increasing
each month and resulting in online order capture standing at 47%
for the quarter to September 2023.
Paul Young, Chief Executive Officer of Kitwave, commented:
"I am delighted to report that Kitwave continued to perform
strongly both financially and operationally in the financial year
ended 31 October 2023. Given that trading in the wholesale sector
is typically stronger in H2 of our financial year, we capitalised
on the positive momentum from H1 2023 and anticipate being in line
with current market expectations for the full year.
"We are particularly pleased with the excellent performance of
West Country Food Holdings since its integration into the Group
earlier this year enabling Kitwave to now offer high-quality fresh
produce across the South West.
"The Board continues to remain committed to delivering value to
our shareholders, and I look forward to presenting record financial
results to shareholders for the year ended 31 October 2023."
- 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
Alex Orr
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 .
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
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