UK proteins supplier Hilton Food Group Plc has published its trading update for the 52-week period to 29th December 2024.
For the full year Hilton Foods expects to report results in line with expectations. It said “strong trading” had continued into the final quarter of the year across all three geographical operating regions, driven by the core retail meat volume, which grew by 4% compared to the same period last year.
Core retail meat and foodservice across UK & Ireland saw continued strong volume and revenue performance in the final quarter. This was driven by another successful Christmas trading period and launch of new premium products, said Hilton.
In Europe, core meat ranges and convenience meals delivered strong performance throughout the year, including during the Christmas period. Hilton said it was continuing to implement its recovery plan for Dalco within the vegan and vegetarian segment.
The Group found that as expected, raw material price deflation in the APAC region continued in the final quarter, impacting revenue. However, volumes remained strong, bolstered by the performance of the BBQ range launched earlier in the year and by the core product offering.
Outlook
The board said it was “confident” in Hilton Foods’ outlook for 2025, which it said was underpinned by a strong financial position that allows continued investment in strategic opportunities.
It highlighted that the Group’s highly automated facilities and strong customer relationships enable the business to effectively mitigate the impact of ongoing wage inflation, though as an international business, with two thirds of revenue generated outside the UK, foreign exchange (FX) rates will continue to be an area of focus.
Steve Murrells CBE, group chief executive of Hilton Foods, said: “The final quarter of the year has delivered a strong performance, with the full-year outturn in line with expectations. This success was driven by another solid Christmas trading period and underpinned by our innovative ranges and the growing popularity of beef as a festive centrepiece.
“Our core year-round product ranges, combined with high-quality new product launches, continue to strengthen our customer relationships, and support our ongoing success.”
