Kitwave reports turnover and profits hike following ‘very positive year’

 Fast-growing wholesaler Kitwave increased turnover by 7% to £366.6m for the year to April 2019 as pre-tax profits jumped 16.4% to £3.5m.

The north east-based operator, which completed the acquisition of Alpine Fine Foods earlier this month, said sales were boosted by the effects of the hot summer weather in 2018 and the World Cup.

Kitwave also said investment in its delivery fleet and IT infrastructure had helped it deliver 98% of customer orders as requested.

Alpine was Kitwave’s second acquisition since the period covered by the results. It snapped up West Midlands-based chilled products wholesaler Central Supplies (Brierley Hill) in August.

“It has been a very positive year for the group,” said Kitwave Wholesale Group CFO David Brind. “Kitwave continues to deliver growth in revenue, margin and profitability, whilst ensuring strong cash generation is maintained. The group expects this trend to continue in the foreseeable future.

“We are really excited to have recently completed the investment in Central Supplies and the acquisition of Alpine Fine Foods.

“It is fundamental to Kitwave’s strategy that the group maintains a flexible operational platform which is supported by a strong financial structure. These results demonstrate robust operational cash performance and the group expects to see further benefits of the recent acquisitions in the 2020 results.”