Hilton Food Group boosted by uplift in international operations
International meat packing firm Hilton Food Group has reported strong growth in volume for the 28 weeks to 16th July, driven by growth in Ireland, Sweden, Australia and Portugal.
Volume increased by 8.7% for the particular period, while revenue peaked at £690.7 million, marking a 9.3% increase compared to the same period last year, at £631.9 million, enhanced by what was described as “favourable currency translation”.
Operating profit was also up by 9%, at £18.8 million and profit after taxation came at £15.2 million, 13.4% above last year.
Hilton Food Group’s operations in Western Europe recorded turnover of £643.6 million in the period, compared to £586.6 million the year before, and volume growth of 12.8%, aided by the start of the Sohi Food Solutions joint venture in Portugal.
However, operations in Central Europe were “challenged by a highly competitive and price sensitive landscape”, according to the company, as volumes fell 20.6%, compared to last year, with turnover down by 7.9% as reported in Sterling on a constant currency basis.
In its results statement, the company confirmed that it will continue to “develop its business and deliver year on year volume growth through focusing on quality and value for money for the consumer”.
It added: “With new projects in Portugal and Queensland, Australia, well invested facilities, a broad geographic customer spread, and flexible procurement capabilities the Group is well equipped and expects results for the full year to be in line with the Board’s expectations.”