Kitwave trading in line with expectations, CFO to step down
By Josh White
Date: Wednesday 05 Nov 2025
(Sharecast News) - Kitwave Group said in an update on Wednesday that it expects full-year profit to be in line with market expectations after trading in the second half of its financial year met forecasts, as it also announced the upcoming retirement of its long-serving chief financial officer.
The AIM-traded wholesale group said trading for the 12 months to 31 October 2025 remained steady despite a challenging consumer environment.
It reiterated that it anticipated profit growth consistent with analyst expectations for the period.
"In the context of a difficult consumer spending environment, the group has delivered a good performance and we expect to report profit growth in line with market forecasts for the period," said chief executive Ben Maxted.
"The board believes that the macroeconomic outlook is set to remain difficult for the foreseeable future.
"The board remains vigilant as to the potential impact on the business of the forthcoming budget."
Kitwave said its new south west depot, which consolidated three former locations into one, was now operating at an improved level and remained on track to reach expected performance by early 2026.
The board said the integration of Creed Foodservice had progressed ahead of schedule, leading to the closure of depots in Hull and Huddersfield previously trading under the Total Foodservice brand.
It also confirmed that it had changed its financial year end from 31 October to 31 December, and would publish audited annual results for the 14-month period ending 31 December 2025.
A detailed trading update covering the 12 months to October would be released in January, with full audited accounts expected in April.
Kitwave said chief financial officer David Brind would retire after the 2025 accounts are released, ending a 14-year tenure in which he oversaw 15 acquisitions and the company's 2021 initial public offering.
He would be succeeded by Mark Earl, currently group financial controller, who would formally join the board as CFO on 30 April next year following a handover period.
"On behalf of everyone at Kitwave, I would like to thank David Brind for his unwavering commitment over the past 14 years," Maxted added.
"David has played an instrumental role in the Group's growth and transformation into a UK-wide wholesale delivery business.
"We are also delighted that Mark Earl is set to become our new CFO after the release of our 2025 annual accounts.
"With Mark's deep knowledge of the business and our market, he is the ideal successor to David."
At 1416 GMT, shares in Kitwave Group were up 5.24% at 216.67p.
Reporting by Josh White for Sharecast.com.
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