Hilton Food Group reports strong performance by meat business
UK-based proteins supplier, manufacturer and food packing company Hilton Food Group plc has published its interim results for the 28 weeks to 16th July 2023. It has reported strong performance by its meat business.
Total revenue for the company was £2,123.1 million, and the operating profit was £30.6 million (a 0.6% decrease). The adjusted operating profit was £41.8 million, a 1.4% increase from the same period a year prior.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the 28 weeks to 16th July 2023 was £67.5 million, up 1.3% from the same period in 2022. Total volume reached 272,321 tonnes, a 0.2% increase from the 28 weeks to 17th July 2022.
IFRS EBITDA increased by £400,000, reaching £72.3 million in the 2023 period.
The Hilton Foods businesses and joint ventures in the UK and Ireland, including meat processing facilities in Huntingdon, earned an operating profit of £12.8 million. Hilton highlighted that its food service business Fairfax Meadow continues to grow revenues and win new business as it expands.
“Our core meat business has continued to perform strongly.”Steve Murrells, Hilton Foods CEO.
Following a “challenging” 2022, Hilton Foods stated that its UK seafood business is recovering well, and the company boasts strong cost recovery plans reportedly delivering improvements to financial performance.
CEO of Hilton Foods, Steve Murrells, said: “I am pleased, in my first set of results as Hilton Food’s CEO, to show delivery of a robust performance against a challenging economic backdrop. Our core meat business has continued to perform strongly and we are pleased with the continued recovery in seafood. At the same time, we continue to make progress in our ESG strategy, including delivering packaging innovation to reduce plastic usage and setting more ambitious science-based targets.
“I joined Hilton because it is an exciting business with great people, real expertise in producing high-quality food products that consumers want and is a trusted partner to retailers around the world. As I look ahead, I am confident in the opportunities we have to grow, building on our existing partnerships and forging new ones, based on our unique multi-category protein offer.”