Kitwave Group PLC - North Shields, England-based food wholesaler - Swings to profit in the half-year that ended April 30, boosted by stronger trading. Swings to interim pretax profit of £5.6 million from a loss of £3.5 million a year ago. Revenue jumps 52% to £222.3 million from £147.1 million. Declares an interim dividend of 2.50 pence per share.

Despite noting an impact from inflationary pressures, company says: ‘With trading having returned quicker than we expected post-Covid-19, Kitwave finds itself in a strong position to capitalise upon the opportunities available to it’. Chief Executive Officer Paul Young adds that for the current financial year, performance will be ‘significantly ahead of expectations’. Kitwave was admitted to trading on AIM in May 2021.

Current stock price: 150.28 pence, up 9.3% on Tuesday

12-month change: down 13%

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