Kitwave Group growth “validated” thanks to latest results
Kitwave Group CEO Paul Young says their “strategy of seeking to identify acquisition opportunities” has been validated based on the wholesaler’s latest trading update.
The group saw a strong H1 performance continuing for the remainder of the financial year, with the expectation that results for the full financial year will be in line with upgraded market expectations.
This was boosted by the integration and acquisition of MJ Baker Foodservice and the opening of a new distribution centre for HB Clark in Wakefield, which has brought considerable benefits to the group’s on-trade operations.
And those successes may suggest more movement and growth in the future.
“In a challenging environment, Kitwave’s strong market performance is a testament to our proven strategy and our resilience to external market pressures,” read a statement from Young.
“As expected, MJ Baker has been an excellent addition to the group’s foodservice division, with its performance since its integration validating our strategy of seeking to identify acquisition opportunities that help to create strong synergies within the group.
“The investment into the new Wakefield site and the launch of our web platform for customers indicate how we are constantly streamlining and improving our processes to remain at the forefront of innovation in the delivered-wholesale industry.
“As outlined earlier in the year, the strong H1 performance enabled us to improve our financial expectations for the full year. A further robust H2 has ensured that we expect to meet these targets, positioning the group well going forward, despite ongoing external pressures.
“As we enter the new financial year, this momentum continues and the outlook for the group remains positive.
“With considerable growth opportunities still available, both in the form of organic developments and through strategic, complementary acquisitions, we look forward to updating the market further on our continued progress.”HB Clark Kitwave MJ Baker Foodservice Paul Young Wakefield wholesaler