UK's Kitwave jumps on upbeat FY forecast

Kitwave

04/07/2023 08:47

** Shares of wholesaler Kitwave  KITW.L  up 5.7% to 333.98p
in morning trade
    ** Co sees full-year results to be ahead of market
expectations, helped by strong demand across divisions and the
acquisition of fresh produce business WestCountry
    ** KITW posts 23% increase in H1 revenues to 275 mln pounds 
($349.22 mln)
    ** Says profit before tax rose 48% to 8.3 mln pounds in H1 
    ** Co declares interim dividend of 3.75 pence/shr for six
months to April 30
    ** "With trading in the wholesale sector typically weighted
towards the second half of the year, we are confident that this
positive momentum will continue throughout 2023 ..." - CEO Paul
Young 
    ** As of last close, stock up 63% YTD


($1 = 0.7875 pounds)
    

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))