Kitwave reports robust summer trading

3rd Sep 2024 08:54

(Sharecast News) - Kitwave Group reported positive trading in an update for the four months ended 31 August on Tuesday, indicating robust performance during its traditionally-busiest period.

The AIM-traded delivered wholesale company said it was on track to meet its financial targets for the full year ending 31 October, buoyed by strong customer demand and recent operational enhancements.

Key contributors to the performance included the successful integration of recent acquisitions, Wilds of Oldham and Total Foodservice Solutions.

The board said the integration of Wilds of Oldham was complete, while the integration of Total Foodservice Solutions was progressing as planned.

Further bolstering its operations, Kitwave completed construction of a new 80,000 square foot foodservice distribution site in the southwest, which was expected to be fully operational by the end of the financial year.

The new facility would consolidate three existing sites into one, enhancing the integration of the WestCountry and MJ Baker businesses.

"The group continues to execute its growth objectives successfully," said chief executive officer Ben Maxted.

"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."

At 0835 BST, shares in Kitwave Group were up 6.55% at 335.65p.

Reporting by Josh White for Sharecast.com.