- Reduced operating margin
- Increased capacity in second half
The share price of Kitwave (KITW) fell on release of half-year figures, which detailed an 8 per cent drop in adjusted operating profit to £10.8mn. Ben Maxted, chief executive of the food and drink wholesaler, revealed that the hospitality customers of the group’s foodservice division “experienced lower footfall due to the sustained period of wet weather in the first four months of calendar year 2024”. Reduced demand from this corner of the business, along with investment obligations, have combined to trim profitability, a point borne out by the 60 basis point reduction in the operating margin to 3.1 per cent.