Kitwave Group (KITW)

Sector:

Personal Goods

Index:

FTSE AIM 50

 352.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 406.50
  • 52 Week Low: 244.00
  • Currency: UK Pounds
  • Shares Issued: 70.11m
  • Volume: 200,775
  • Market Cap: £246.79m

Kitwave confident despite recent trading weakness

By Josh White

Date: Thursday 02 May 2024

LONDON (ShareCast) - (Sharecast News) - Kitwave Group said in a trading update on Thursday that it was maintaining its performance in line with current market expectations for the year ending 31 October.
The AIM-traded firm put its trading down to sustained organic growth, as well as the positive impact of acquisitions made over the past 18 months.

While it anticipated that its operating profit for the period would be slightly lower year-on-year, it said that was due to reduced demand within the hospitality customer base of its higher margin foodservice division.

That decline was reportedly due to prolonged and unusually high levels of wet weather experienced in recent months.

Additionally, increased investment in infrastructure preceded revenue-generating opportunities, with benefits expected to materialise later in the year.

The recent acquisition of Total Foodservice was also anticipated to contribute positively to second-half trading.

Kitwave recently completed two acquisitions within its foodservice division.

In November, Wilds of Oldham - a family-run drinks wholesaler servicing both on-and-off trade in Oldham, Manchester - was acquired.

Following that, in March it acquired Total Foodservice Solutions, a prominent independent food wholesaler in Northern England.

The integration of both acquisitions into the group was reportedly progressing smoothly.

"I am pleased to report that the group has continued to make progress towards its operational and financial targets and that we remain confident of achieving a positive outcome for the full-year results," said chief executive officer Ben Maxted.

"The group has an excellent platform for growth in the form of organic developments and incorporating the full benefits from its strategic acquisitions."

Maxted said the company's most recent acquisitions demonstrated that it was continuing to capitalise on the opportunities available in a fragmented delivered wholesale market.

"Kitwave is well positioned to continue delivering value to its customers and shareholders and we look forward to updating the market on further progress in due course."

At 1027 BST, shares in Kitwave Group were down 7.75% at 375p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Kitwave Group Market Data

Currency UK Pounds
Share Price 352.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 406.50
52 Week Low 244.00
Volume 200,775
Shares Issued 70.11m
Market Cap £246.79m

Kitwave Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.32% below the market average61.32% below the market average61.32% below the market average61.32% below the market average61.32% below the market average
53.85% below the sector average53.85% below the sector average53.85% below the sector average53.85% below the sector average53.85% below the sector average
Price Trend
91.17% above the market average91.17% above the market average91.17% above the market average91.17% above the market average91.17% above the market average
84.62% above the sector average84.62% above the sector average84.62% above the sector average84.62% above the sector average84.62% above the sector average
Income
27.36% above the market average27.36% above the market average27.36% above the market average27.36% above the market average27.36% above the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Growth
80.43% above the market average80.43% above the market average80.43% above the market average80.43% above the market average80.43% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

Kitwave Group Dividends

  Latest Previous
  Final Interim
Ex-Div 04-Apr-24 13-Jul-23
Paid 26-Apr-24 04-Aug-23
Amount 7.45p 3.75p

Trades for 14-Jun-2024

Time Volume / Share Price
16:20 20,000 @ 352.00p
16:51 17,000 @ 352.60p
16:46 17,000 @ 352.60p
16:37 17,000 @ 353.00p
16:35 23,796 @ 352.00p

Kitwave Group Key Personnel

CFO David Brind
CEO Ben Maxted

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