The final dividend of 7.45 pence per share for the financial year ended 31 October 2023 was paid on 26 April 2024. Kitwave Group plc is pleased to declare an increased interim dividend of 3.85 pence per share (H1 2023: 3.75 pence per share) for the six months to 30 April 2024. It will be paid on 2 August 2024 to shareholders on the register at the close of business on 12 July 2024 and the ex-dividend date will be 11 July 2024.
Other financial highlights include:
- Revenues up 8% to £297.0 million (H1 2023: £275.0 million; FY 2023: £602.2 million).
- Consolidated gross margin stable at 21.5% (H1 2023: 21.6%; FY 2023: 21.9%).
- Adjusted EBITDA of £15.9 million (H1 2023: £16.0 million; FY 2023: £41.1m).
- Adjusted operating profit of £10.8m (H1 2023: £11.7 million; FY 2023: £32.0m).
- Cash generation from operating activities of £12.4 million (H1 2023: £11.7 million; FY 2023: £30.3 million) leading to pre-tax operational cash conversion of 93% (H1 2023: 87%; FY 2023: 90%).
- Investment in the business has continued ahead of future potential growth opportunities, with operational and financial benefits being realised from H2 2024 onwards.
- Two successful acquisitions in the period have both been integrated into the Group's Foodservice division:
- WLG (Holdings) Limited ("Wilds"), a composite family-run drinks business based in Oldham; and
- Total Foodservice Solutions Limited ("Total Foodservice"), a leading independent food wholesaler in the North of England.
- Paul Young retired as CEO at the Group's AGM, with Ben Maxted, previously COO, stepping into the position of CEO.
