North Tyneside-based Kitwave Wholesale Group has recorded its eighth consecutive year of growth, showing a significant surge in turnover and EBITDA.
Kitwave Wholesale Group supplies a range of food and drink products to independent retailers and food service outlets across the country, employing nearly 1,000 people.
Turnover for the year ended 30 April 2019 rose to £367m, a more than £25m increase from £341m in 2018. The business also successfully increased its EBITDA by more than £1.2 million to £14.6 million.
These results were helped by an excellent summer and positive effect from last year’s football World Cup, which allowed the business to make 7 per cent top line like for like growth, while the company also achieved 98 per cent of all customer orders delivered as requested.
The year has also seen continued investment in the delivery fleet and IT infrastructure. The group has made two further acquisitions since the year end, including Central Supplies, a West Midlands-based wholesaler of chilled products.
“Kitwave continues to deliver growth in revenue, margin and profitability, whilst ensuring strong cash generation is maintained,” said David Brind, chief executive.
“We are also really excited to have recently completed the investment in Central Supplies and the acquisition of Alpine Fine Foods. Sitting alongside our nationwide frozen operations the addition of Central Supplies and their chilled product offering will create exciting opportunities for the group.
“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.”
