Wholesale group Kitwave marked an eighth year of growth as acquisitions and demand around the football World Cup saw turnover rise to £367m.
Accounts for the year ending April 30 show a 7% rise in turnover, while operating profit jumped from £8.3m to £9.9m.
The North Shields company - which was recently named as number 47 in the Sunday Times Top Track 250 list of Britain’s leading privately owned mid-market growth companies - saw its headcount come close to the 1,000 mark and says it is expecting its growth to continue.
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Since the year end, Kitwave has added two more acquisitions to expand both its range for customers and its geographical footprint.
CFO David Brind said: “It has been a very positive year for the group. Kitwave continues to deliver growth in revenue, margin and profitability, whilst ensuring strong cash generation is maintained. The group expects this trend to continue in the foreseeable future.
“It is vital to us, to our customers and to our brand supplier partners that we are seen as the trusted route to market.
“Our service delivery scores are testament to the hard work of all our staff and our commitment to providing a reliable delivered solution to the independent sector. The independent retail and foodservice sectors demand service quality, product range, value and product availability and the Kitwave solution continually delivers in all of these areas.
“We are also really excited to have recently completed the investment in Central Supplies and the acquisition of Alpine Fine Foods. Sitting alongside our nationwide frozen operations the addition of Central Supplies and their chilled product offering will create exciting opportunities for the group.
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“Alpine is a Hull based service led foodservice company that will ideally complement our existing offering from David Millers based in York.
“It is fundamental to Kitwave’s strategy that the group maintains a flexible operational platform which is supported by a strong financial structure. These results demonstrate robust operational cash performance and the group expects to see further benefits of the recent acquisitions in the 2020 results.
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“The board has every confidence in the future performance of the group and in the continued long term support from our Investors, Pricoa Capital and Allstate and our banking partners, Barclays and Yorkshire Bank.”
Kitwave said demand around last year’s World Cup had helped the group’s performance and added that it had invested in its delivery fleet and IT infrastucture to continue a focus on customer service.
The company was founded by CEO Paul Young in 1988 and has acquired a number of wholesalers around the country in recent years as part of an ambitious expansion programme.
Turnover has risen by more than £100m over the last four years as a result of the expansion strategy.