Trading Update and Board Change

05 November 2025

Kitwave Group plc

("Kitwave", the "Group" or the "Company")

Trading Update and Board Change

Kitwave Group plc (AIM: KITW), the delivered wholesale business, provides a trading update for the 12-month period ended 31 October 2025 (the "Period").

Since reporting its half year results at the start of July, trading during the six months to Period end has been as anticipated. As such, the Board expects profit to be in line with market expectations for the Period.

In May, the Group announced that it had taken the proactive decision to incur some additional operational investment at the new South West depot to maintain service levels, as the business transitioned from three separate locations to one. The new depot is operating at an improved level since the Group's last update and is on track to meet expected performance levels by early 2026.

The integration of Creed into the wider operations has moved ahead of schedule which has resulted in the closure of 2 depots in Hull and Huddersfield that previously traded under the Total Foodservice business.

As previously confirmed in August, the Group has now changed its accounting reference date and financial year end from 31 October to 31 December. Consequently, the Group will publish audited annual accounts for the 14-month period ending 31 December 2025. The Group intends to provide the market with a detailed trading update in January 2026, covering the 12-month period to October 2025, and then expects to publish its 2025 audited annual accounts in April 2026.

Board Change

David Brind, Chief Financial Officer ("CFO"), has informed the Board of his decision to retire from an executive role and leave the Group after the publication of the 2025 audited accounts. David joined Kitwave in 2011 and during his highly successful tenure has overseen 15 acquisitions as well as the Group's IPO in 2021.

Mark Earl, Group Financial Controller, will be become the Group's new CFO. Mark has worked within Kitwave for 10 years. In 2015, he joined as Finance Director of Kitwave's Frozen and Chilled division, before assuming the role of Group Financial Controller in 2019. A handover period between David and Mark will commence immediately to ensure a seamless transition of CFO responsibilities.

Mark will formally be joining the Board, and David leaving, on 30 April 2026.

Ben Maxted, Chief Executive Officer of Kitwave, commented:

"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.

"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.

"Finally, on behalf of everyone at Kitwave, I would like to thank David Brind for his unwavering commitment over the past 14 years. 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."

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Company Overview

Founded in 1987, following the acquisition of a single-site confectionery wholesale business based in North Shields, United Kingdom, Kitwave is a delivered wholesale business, specialising in selling and delivering impulse products, frozen, chilled and fresh foods, alcohol, groceries and tobacco to approximately 46,000, mainly independent, customers.

With a network of 37 depots, Kitwave is able to support delivery throughout the UK to a diverse customer base, which includes independent convenience retailers, leisure outlets, vending machine operators, foodservice providers and other wholesalers, as well as leading national retailers. 

The Group's growth to date has been achieved both organically and through a strategy of acquiring smaller, predominantly family-owned, complementary businesses in the fragmented UK grocery and foodservice wholesale market.

Kitwave Group plc (AIM: KITW) was admitted to trading on AIM of the London Stock Exchange on 24 May 2021.

For further information, please visit: www.kitwave.co.uk.