Hilton Food Group “confident” in 2024 outlook
International multi-protein food business Hilton Food Group Plc has released a trading update for the 52 weeks ended 31st December 2023.
The Group reported that trading during the key festive period was strong, with 3% volume growth in December compared to the same period last year. The UK and Ireland business overall has continued to make progress, with a “particularly strong” festive trading period and overall revenue increases compared to the prior year.
Its UK Seafood category reportedly performed ahead of turnaround targets, with the business generating operating profits throughout the second half of the year and for the full year in total.
Revenue in Europe was reported to be ahead of the previous year, which the Group attributed to “continued growth” in its Foppen business and the “start of production of a range of convenience products” at its Swedish food park in September 2023.
Hilton highlighted that it has submitted more ambitious Science Based Targets across Scope 1, 2 and 3 emissions aligned to 1.5̊ C pathway. As part of its plan, Hilton said it will continue to improve the efficiency of its “state-of-the-art” facilities, with 10 of them now having achieved ISO 500011 accreditation in recognition of the business’s focus on energy management and efficiency.
2024 Outlook
Hilton’s board said it was “confident in the outlook for 2024”, which was underpinned by positive recent trading and the Group’s “strong financial position” as well as cash flows with “reduced leverage and comfortable headroom”.
The Group pointed out that the “strength of Hilton Food’s highly automated supply chain and leading technology”, combined with its “outstanding multi-category food products” provides Hilton with a “strong platform for sustained growth”.
Steve Murrells CBE, Hilton Foods chief executive, said: “We finished the year with positive festive trading, and full year performance in-line with expectations. Our Christmas period was supported by the strength of our high quality and relevant products.
“Over the year, we have developed our technology and supply chain capabilities, and underpinned by our Sustainable Protein Plan, we have continued to support our customers, providing them with relevant, high quality proteins that consumers want on their plate.
“We were delighted to announce a long term supply agreement with Walmart Canada in September and looking ahead, we remain confident that Hilton’s inherent strengths leaves the Group well-placed to grow further with new and existing customers as we remain focused on becoming the international protein partner of choice.”
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