REG - Hilton Food Grp Plc - Full Year Trading Update

Hilton FoodAnnouncement

12/01/2023 07:01

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RNS Number : 4378M  Hilton Food Group PLC  12 January 2023

 

 

 

12(th) January 2023

 

 

Hilton Food Group plc

 

FULL YEAR TRADING UPDATE

 

 

Hilton Food Group plc ("Hilton Foods" or the "Group"), the leading
international multi-protein food business, today provides a trading update for
the 52 weeks ended 1(st) January 2023.

 

Trading

 

For the full year the Group expects to report results in line with the Board's
expectations, which were revised in early November.

 

During the year, there has been continued revenue growth compared to the same
period  in 2021 and a pleasing performance in the lead-up to the festive
period.

 

·   In APAC we have seen strong topline growth from our three facilities
in Australia and, coupled with the first full year of trading at our New
Zealand food park, have delivered further volume and revenue growth.

 

·   In the UK and Ireland we have continued to make progress, with a
strong Christmas trading period, whilst also focusing on a number of cost
saving initiatives.  In addition, we have continued our investments in
automation, the benefits of which will be seen in 2023.  Recent progress to
pass through and mitigate unprecedented inflationary cost increases,
particularly in the UK Seafood business, have been encouraging and leave us
well placed as we start the new year.  This work has progressed alongside a
total business review in UK Seafood, which is starting to deliver positive
results.

 

·   Our other businesses in Europe have performed well with revenue ahead
of the previous year, benefiting from the acquisition of Foppen and
particularly strong trading in Central Europe, driven by the continued
performance of our fresh food business, and our Scandinavian markets.

 

 

·   In 2022 we increased our investment in Foods Connected and started new
partnerships with Agito and Cellular Agriculture. We continue to be pleased
with how each of these businesses has progressed.

 

Outlook

 

Given the recent trading performance and the Group's strengths, including a
diversified product offering, state-of-the art facilities, our technology
driven supply chain expertise, and our strong position in ESG, the Board
remains confident in the outlook for 2023, despite the wider macro-economic
challenges.  The Group's financial position continues to be strong with
leverage and headroom at comfortable levels.

 

In December we announced our entry into South East Asia through our strategic
partnership with Country Foods. We continue to explore wider geographic
expansion and opportunities for growth in our existing markets as we deliver
on our strategy as the protein partner of choice.

 

The Group will publish its preliminary results on 5(th) April 2023.

 

 

For further information please contact:

 

 Hilton Food Group plc                   Tel: +44 (0) 1480 387214
 Philip Heffer, Chief Executive Officer

 Matt Osborne, Chief Financial Officer

 Headland Consultancy                    Tel: +44 (0) 20 3805 4822
 Edward Young
 Will Smith
 Joanna Clark

 

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