kitwave david brind paul young

Kitwave has recorded sales of more than £600m for the first time as its turnover was boosted by its recent acquistions.

The wholesaler said sales for the year to 31 October 2023 jumped by 20% to £602.2m. Pre-tax profits were up 40% to £24.9m for the period.

The almost £100m boost to its turnover was largely driven by the impact of its purchases of WestCountry Food Holdings in December 2022 and MJ Baker Foodservice in February 2022.

Kitwave also said its performance was driven by organic growth. 

“We’ve grown turnover both organically and through M&A, we uplifted our gross margins, and we’ve worked hard to proportionally reducing our costs via route optimisation, delivery and warehouse, and driving efficiency overall”, said CFO David Brind.

Other operational successes of 2023 include stronger online sales performance, as well as commencing construction of a new site in Kingsteignton, Devon.

The new site, set to be completed by September 2024, is part of Kitwave’s wider expansion in the south west, and will provide the wholesaler with further capacity in the region.

“We have a 5,000-strong customer portfolio in the south west. As we look ahead to grow in the area, we want to better integrate our customer base in the south west”, chief operating officer Ben Maxted told The Grocer.

Maxted will be appointed company CEO, succeeding Paul Young, at the AGM later in March.

“The business is in great hands to continue the same strategy under Ben’s guiding hand, so we are in great shape with Ben for the future,” said Brind.