North Shields-based “delivered wholesale” business Kitwave Group plc said its revenues increased 10.2% to £663.7 million in the year to October 31, 2024.

Profit before tax decreased by £2.3 million to £22.5 million.

Total dividend for the year will increase 1% to 11.3p.

Kitwave CEO 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.

“Importantly, the Group continued to deliver growth and maintain its high levels of customer service, resulting in achieving over 98% satisfaction in customer service excellence levels. This is testament to our operations model and the commitment of our team. 

“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.”