Kitwave has recorded an 8% increase in sales to £297m for the six months to 30 April 2024, up 8% compared with the same period last year.
The group recorded EBITDA of £15.9m, down slightly year on year from £16m.
The sales growth was partly driven by Kitwave’s new acquisitions of Wilds of Oldham and Total Foodservice.
Both businesses had been integrated well and would contribute to the wholesaler’s foodservice operations in the north, Kitwave said.
The performance meant the group was well-positioned to continue its strategy under new CEO Ben Maxted, six months after his predecessor Paul Young retired, the results said.
The group expected to be in line with market expectations for the full year “despite the slight shortfall” of operating profit in the first quarter and wet weather in summer, Maxted said.
“The group has made positive progress towards its strategic targets during H1 2024, with a series of important investments that will benefit the group in the long term,” he said.
“The continuation of our acquisition strategy saw Wilds and Total Foodservice brought into the group, growing our presence in the foodservice sector in the north. Their integration into the group has gone well and workstreams to further integrate the enlarged northern foodservice operation have commenced.
“The construction of our new foodservice distribution site in the south west is close to completion, which will both add capacity and further efficiencies as we consolidate three existing depots.”
“Despite the slight shortfall in operating profit in H1 2024 and the continued wet weather in May and early June, we expect to be in line with market expectations for the full year ending 31 October 2024.”
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