Kitwave on track to be “slightly ahead of market expectations”

All divisions of Kitwave Group are now performing at pre-pandemic levels or higher, according to the wholesaler’s most recent results.

The group experienced a strong first-half financial performance in it pre-close trading update for the six months ending 30 April 2022.

Based on these figures, the Kitwave board now anticipates the group’s results for the full financial year to be slightly ahead of market expectations – with the business traditionally enjoying stronger trading in the second half of the year due to it seasonality.

This performance is likely to be further boosted by the integration of MJ Baker Foodservice, which Kitwave acquired in February.

“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,” Kitwave CEO Paul Young said.

“During the period, we were delighted to announce Kitwave’s first acquisition since its admission to AIM in May 2021.

“The acquisition of MJ 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.”

Kitwave MJ Baker Foodservice Paul Young results