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(Alliance News) - Kitwave Group PLC on Monday said that Chief Executive Officer Paul Young will retire from his role as it issued an optimistic trading update.
The North Shields, England-based food wholesaler said Chief Operating Officer Ben Maxted will replace Young as CEO after the company's annual general meeting in March.
Outgoing CEO Young founded the company in 1987 as a single-site confectionery business, Chair Steve Smith said. "Paul has been instrumental in its growth and development into the delivered wholesale business that it is today," he added.
Looking ahead, Kitwave hailed continued positive trading momentum across all its divisions. It expects results in the financial year that ended on October 31 to be in line with current market expectations.
Kitwave said the integration of West Country Food Holdings, a specialist fresh produce wholesaler, was successful, with the business performing in line with company expectations.
Kitwave said: "Following a strong performance in the first half of FY2023, positive momentum continued across all of the group's divisions. As a result, and following the significant upgrade in July 2023, the board expects the full-year financial results to be in line with current market expectations. Whilst acknowledging the prevailing macroeconomic landscape, which has created broader inflationary challenges, the board remains confident in the group's ability to utilise its extensive experience and expertise to mitigate these risks effectively."
Outgoing CEO Young said: "We are particularly pleased with the excellent performance of West Country Food Holdings since its integration into the group earlier this year enabling Kitwave to now offer high-quality fresh produce across the south west."
Kitwave shares were 2.6% lower at 258.00 pence each on Monday around midday in London.
By Tom Budszus, Alliance News reporter
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