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Kitwave Group PLC - North Shields, England-based food wholesaler - Swings to profit in the half-year that ended April 30, boosted by stronger trading. Swings to interim pretax profit of GBP5.6 million from a loss of GBP3.5 million a year ago. Revenue jumps 52% to GBP222.3 million from GBP147.1 million. Declares an interim dividend of 2.50 pence per share.
Despite noting an impact from inflationary pressures, company says: "With trading having returned quicker than we expected post-Covid-19, Kitwave finds itself in a strong position to capitalise upon the opportunities available to it". Chief Executive Officer Paul Young adds that for the current financial year, performance will be "significantly ahead of expectations". Kitwave was admitted to trading on AIM in May 2021.
Current stock price: 150.28 pence, up 9.3% on Tuesday
12-month change: down 13%
By Tom Budszus; tombudszus@alliancenews.com
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