Kitwave Group PLC Trading Update (1867K)
04 Mai 2022 - 8:00AM
UK Regulatory
TIDMKITW
RNS Number : 1867K
Kitwave Group PLC
04 May 2022
04 May 2022
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 2022.
The Group experienced a strong first half financial performance
with all divisions of the business now trading at pre-pandemic
levels or higher. Following this performance, the Board now
anticipates the Group's results for the full financial year to be
slightly ahead of market expectations.
Due to the seasonality of the business, as in historical
periods, there is a heavier weighting towards trading in the second
half of the year.
As for many businesses, the final full year results of the Group
will be influenced by external pressures and uncertainties from
cost of living pressures impacting end consumers' disposable
income. The business will also continue to face higher operating
costs, however the Board is confident that these will be
recovered.
The Board is pleased to confirm that the integration of the M.J.
Baker Foodservice Limited, which was acquired in February 2022,
into the Group has gone to plan and the business is performing in
line with internal 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 2022. Following an encouraging first
half performance, and with the second half of the year typically
driving increased trading, we expect full year results to be
slightly ahead of market expectations.
"During the period, we were delighted to announce Kitwave's
first acquisition since its admission to AIM in May 2021. The
acquisition of M.J. Baker enables a significant expansion of the
Group's activities into south-west England and complements the
Group's existing Foodservice division. The integration of the
business into the Group is going as hoped and the business is
operating in line with internal expectations.
"We look forward to providing updates to the market in due
course."
- Ends -
For further information please contact:
Tel: +44 (0) 191 259 2277
Kitwave Group plc
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
Georgina McCooke
Alex Aylen - Sales
Yellow Jersey PR Tel: +44 (0) 20 3004 9512
(Financial media and PR)
Sarah Hollins
Henry Wilkinson
James Lingfield
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 and chilled foods,
alcohol, groceries and tobacco to approximately 39,000, mainly
independent, customers.
With a network of 27 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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