Rising costs impact on meat packer Hilton Food Group
Rising costs impact on meat packer Hilton Food Group
Hilton Food Group plc has seen pre-tax profits for 28 weeks to July 15th fall to £12.53 million pounds. It also reports that it anticipates its full-year profit will remain flat as high meat prices impact on its margins.
The business, which serves Tesco and Ahold, gains most of its turnover from outside the UK but reports also indicate that has been hit by the weakness of Eruopean currencies.
Commenting, Robert Watson OBE, chief executive of Hilton Food Group plc said: “Despite the adverse effect of exchange rate movements, an economic environment across Europe which has remained both challenging and uncertain and continued high raw material meat prices, our performance over the first 28 weeks of 2012 has remained steady. We have achieved further growth in volumes and turnover, whilst continuing to actively support our customers’ growth in very competitive markets.”
