UK proteins supplier Hilton Foods has published its interim results for the first half of 2024, highlighting that it achieved a 23.2% increase in adjusted operating profits.
The interim results cover the 26 weeks to 30th June 2024, highlighting how the company’s core meat category had delivered “strong retail volume growth” across all operating regions.
Hilton pointed out that its H1 2024 results represented a 26-week period, which is compared with a 28-week period in H1 2023. Variances were presented on a reported basis and for a comparable like-for-like, 26-week constant currency basis.
The company saw a volume increase of 3.2%, with revenue up by 1% on a like-for-like basis. It said that on a statutory basis, revenue was down 8.4% to £1.94 billion.
Adjusted operating profit increased by 23.2% on a like-for-like basis and by 12.2% on a reported basis to £46.9 million. Statutory operating profit was up 42.3% as Hilton reported “strong” free cash flow of £34.7 million up from £18.9 million in 2023.
Outlook
Hilton Foods said it was “well-positioned” and that it continued to trade in line with expectations for the full year. It said the Group “maintained a strong financial position” as it continued to be “well-placed in a large, attractive marketplace”.
For the year ahead, Hilton stated that it would continue to invest in its “clear strategic priorities” while exploring further growth opportunities and wider geographic expansion with existing and new customers.
Steve Murrells CBE, Hilton Foods CEO, said: “These results represent another step forward as Hilton Foods further improves business performance and profitability. Our core meat category performed particularly well, driving volume growth, while the continued positive momentum in our seafood business has helped to underpin profit performance. Our core product ranges remain highly attractive to both our customers and their consumers, while the breadth of our offering make us well placed to win across every meal, in both retail and food service.
“The hard work of all our teams, coupled with our proprietary technology and market-leading innovation, has underpinned the strength of our relationships with customers during the period. I would like to take this opportunity to thank all my colleagues for their ongoing commitment.
“As I look ahead, Hilton Foods has all the right attributes in place. Our strong financial platform, unique multi-category offer, and market-leading technology adds to my confidence in the Group’s ability to achieve further international growth.”
Mark Allen OBE appointed as director
Hilton also revealed the appointment of Mark Allen OBE as a non-executive director and chair, which will be in effect from 1st October 2024. Allen will become chair of Hilton Foods’ Board from 1st January 2025, at which time Robert Watson OBE will step down from the board after more than 20 years in the business.
Mark Allen OBE said: “I am delighted to be joining a fantastic business, with great people and an excellent leadership team. This is a very exciting time for Hilton Foods and I am looking forward to continuing the excellent progress made so far through Robert’s leadership.”
