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Kitwave - Foodservice the swing factor

April 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • KITW
Kitwave continues its strong growth trajectory with sales for FY22 up 32% to £503.1m and pretax profit up 323% to £18.9m. Eps rose 171% to 22.1p. A final dividend of 6.75p takes the total to 9.25p for the year. The acquisition of MJ Baker contributed £18.3m in sales, so organic LFL revenues are therefore up by 28% (c.12% growth in case volumes and c.16% growth from price inflation). In fact, the faster than expected pace of acquisitions has seen group FY22 EBITDA of £29.5m, 40% ahead of the £21m forecast at IPO.    Overall, gross margin improved by 2.4% to 20.4% driven by improved divisional margins in all three divisions, particularly the positive mix benefits from Foodservice. Foodservice saw 35% more cases supplied versu ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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