Wholesaler Kitwave Group plc has reported that trading for the 12 months to 31 October 2025 was in line with expectations, as the business continues to integrate its recent acquisitions and invest in its depot network.
In a trading update issued last week, the delivered wholesale group said performance over the second half of the year had matched forecasts, with profit expected to meet market expectations.
In July, the group has revised its forecast for adjusted operating profit for the year to £38m-£40.5m, down from the £44.5m.
The group also confirmed it remains on track to achieve further operational efficiencies following the integration of Creed Foodservice, which has allowed for the closure of two Total Foodservice depots in Hull and Huddersfield.
Kitwave added that its new South West depot, which consolidated three former sites into one, is now operating at an improved level and is expected to reach full performance targets by early 2026.
Chief executive Ben Maxted described the results as encouraging given the current retail and economic climate.
“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,” Maxted said. “The board remains vigilant as to the potential impact on the business of the forthcoming budget.”
Food wholesalers have reportedly threatened to seek a judicial review if chancellor Rachel Reeves gives supermarkets a tax break in the budget.
The group has also confirmed a change in its financial reporting cycle, moving its year-end from 31 October to 31 December. Kitwave will therefore publish audited annual accounts covering a 14-month period to December 2025, with a detailed trading update due in January and final results expected in April 2026.
Alongside the trading news, Kitwave announced the retirement of long-serving chief financial officer, David Brind, who will step down after the publication of the 2025 accounts. Brind, who joined Kitwave in 2011, has overseen 15 acquisitions and played a key role in the group’s 2021 IPO.
He will be succeeded by Mark Earl, currently group financial controller, who has been with Kitwave for a decade and will formally join the board as CFO on 30 April 2026 after a transition period.
Maxted paid tribute to Brind’s contribution, saying: “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.”
With a network of 37 depots, Kitwave operates across the UK supplying independent convenience retailers, leisure outlets, vending machine operators, foodservice providers and other wholesalers, as well as leading national retailers.