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Wholesale group Kitwave has told investors it still expects to report profit growth even as consumer spending slows.

The Tyneside-based group, which owns chilled and ambient depots around the country, says trading over the six months to the end of October has been as expected. It comes as a survey from the British Retail Consortium pointed to a slower growth in consumer spending in the run up to this month's Budget.

The Consortium's chief executive, Helen Dickinson, said rising inflation and "a potentially taxing Budget" was weighing on the minds of many households planning their Christmas spending. Kitwave had noted fragility in consumer confidence when it published first half results showing double digit growth in revenue and adjusted operating profits.

In its latest update, the North Shields-based group said it had decided to invest more in its new South West depot in a bid to maintain service levels as it rolled three separate locations into one, joining its WestCountry and M.J. Baker businesses. The facility near Exeter is said to be performing better since the summer, when Kitwave said turnover and margin levels had been below expectations due to pressure on tourism customers in the region and teething issues setting up the site.

Investors were also told the integration of Gloucestershire-based Creed Catering Supplies - which Kitwave bought in a £70m deal last year - had moved ahead of schedule. That has resulted in the closure of two depots in Hull and Huddersfield that had traded under the Total Foodservice business.

Meanwhile, senior leadership changes include the coming retirement of chief financial officer (CFO) David Brind who has been with the group since 2011 and overseen much of its rapid growth in that time, including 15 acquisitions and its IPO in 2021. He will step down at the end of April next year.

Mark Earl, group financial controller, will be become the Kitwave's new CFO. Mr Earl has worked at Kitwave for 10 years, joining as finance director of the group's frozen and chilled division before becoming financial controller in 2019.

Ben Maxted, chief executive officer of Kitwave, said: "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 º£½ÇÊÓƵ-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."