The Kitwave Group’s revenues increased by 10.2% to £663.7m with gross profit margin also rising by 0.4% to 22.3% for the for the 12 months ending 31 October 2024, with the company putting this down to investment in IT, delivery infrastructure and strategic M&A opportunities.
Chief executive Ben Maxted claims that the group has met full-year market expectations, achieved organic growth and expanded its operations with gross profit margin also seeing a rise by 0.4% to 22.3% during the year, while adjusted operating profit increased by 6.3% to £34m.
“Kitwave has delivered another strong full-year performance. We have met full-year market expectations, achieved organic growth and expanded our operations, particularly in our Foodservice division,” Maxted said.
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“The group had a clear plan for FY24 to invest for growth in three key areas: IT, delivery infrastructure and strategic M&A opportunities. The successful execution of this plan saw new warehouse technology enhancing operational efficiencies, a new state-of-the-art storage and delivery facility in the South West and three acquisitions completed, which have significantly increased the scale of the Group’s UK network.”
Last year Kitwave completed the acquisitions of WLG (Holdings), Total Foodservice Solutions and Creed Catering Supplies, with the former two now fully integrated into the group. The company also finalised a brand-new 80,000sq ft distribution centre in Devon which is now being used by Westcountry Foodservice.
Furthermore, as well as further investment in automation technology and enhancement of voice-picking technology, the business invested £1m in new vehicles and £13m through right-of-use vehicle replacement, resulting in over 150 new vehicles that are Euro 6 compliant.
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“Importantly, the group continued to deliver growth and maintain its high levels of customer service, resulting in achieving over 98% satisfaction in customer service excellence levels. This is testament to our operations model and the commitment of our team,” added Maxted.
“Looking ahead, the group has started the new financial year well, and the Board is already working towards its goals for 2025. We believe this will generate value for our stakeholders, and we would like to thank all our people for another successful year.”
