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(Alliance News) - Kitwave Group PLC reported decreased profit while revenue rose, but said it expects a "significant increase" in profitability in 2025.
The North Shields, England-based food wholesaler said in the 12 months to the end of October, pretax profit fell 9.4% to GBP22.5 million from GBP24.9 million in the previous year.
Revenue increased 10% to GBP663.7 million from GBP602.2 million.
Cost of sales rose 9.7% to GBP515.8 million from GBP470.1 million in the prior year, hurting profit.
Kitwave declared an unchanged final dividend of 7.45 pence per share, giving a total dividend of 11.30 pence per share, up 0.9% from 11.20 pence in the previous year.
Chief Executive Officer Ben Maxted said: "Kitwave has delivered another strong full-year performance. We have met full-year market expectations, achieved organic growth and expanded our operations, particularly in our Foodservice division.
"The group had a clear plan for FY24 to invest for growth in three key areas: IT, delivery infrastructure and strategic M&A opportunities. The successful execution of this plan saw new warehouse technology enhancing operational efficiencies, a new state-of-the-art storage and delivery facility in the south west and three acquisitions completed, which have significantly increased the scale of the group's UK network.
Looking ahead, the company said the 2025 financial year has started well.
It said once its three acquisitions from 2024 - WLG Holdings Ltd, Total Foodservice Solutions Ltd and Creed Catering Supplies Ltd - have been fully integrated, it expects a "significant increase in profitability".
CEO Maxted said: "Looking ahead, the group has started the new financial year well, and the board is already working towards its goals for FY25. We believe this will generate value for our stakeholders, and we would like to thank all our people for another successful year."
Kitwave Group shares were down 5.1% to 263.00 pence in London on Tuesday afternoon.
By Michael Hennessey, Alliance News reporter
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