REG - Kitwave Group PLC - Trading Update

KitwaveAnnouncement

03/09/2024 07:00

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RNS Number : 6112C  Kitwave Group PLC  03 September 2024

3 September 2024

Kitwave Group plc

 

("Kitwave", the "Group" or the "Company")

Trading Update

 

Kitwave Group plc (AIM: KITW), the delivered wholesale business, today
provides a trading update covering the four months to 31 August 2024.

 

The Board is pleased to report that trading over the summer, traditionally the
busiest period for the Group, has been robust. As such, the Group remains
confident of delivering financial results in line with expectations for the
full year ending 31 October 2024.

 

As well as strong customer demand, the Group's performance also benefitted
from operational investments made earlier in the year, including the
installation of voice-picking technology at the Northern ambient hub, and the
trade from Wilds of Oldham and Total Foodservice Solutions, our most recent
acquisitions. The integration of Wilds of Oldham is now complete while the
integration of Total Foodservice Solutions is proceeding as planned.

 

The Group is also pleased to confirm that the construction work for its new
80,000 sq. ft Foodservice distribution site in the Southwest has been
completed and is on track to be fully operational by the financial year end.
This will enable the consolidation of three sites into one and further
integrates the WestCountry and M.J. Baker businesses.

 

Ben Maxted, Chief Executive Officer of Kitwave, commented:

"The Group continues to execute its growth objectives successfully. The
combination of strong sales and the positive effects of the operational
investment made earlier in the year, means we are confident of delivering
results in line with market expectations for the full year. At the same time,
the integration of our recent acquisitions has progressed as expected and the
new Southwest distribution centre is on track to be fully operational by the
financial year end."

 

- Ends-

 

For further information please contact:

 

 Kitwave Group plc                                    Tel: +44 (0) 191 259 2277

 Ben Maxted, Chief Executive Officer

 David Brind, Chief Financial Officer

 www.kitwave.co.uk (http://www.kitwave.co.uk/)
 Canaccord Genuity Limited                            Tel: +44 (0) 20 7523 8150

(Nominated Adviser and Sole Broker)

 Bobbie Hilliam

 Harry Pardoe
 Yellow Jersey PR                                     Tel: +44 (0) 20 3004 9512

(Financial media and PR)

 Charles Goodwin

 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 32 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 was admitted to trading on AIM of the London Stock Exchange
in May 2021.

 

For further information, please visit www.kitwave.co.uk
(http://www.kitwave.co.uk) .

 

 

 

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