REG - Hilton Food Grp Plc - Full Year Trading Update

Hilton FoodAnnouncement

11/01/2024 07:00

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RNS Number : 2951Z  Hilton Food Group PLC  11 January 2024

 

 

 

 

 

 

 

 

11(th) January 2024

 

Hilton Food Group plc

 

FULL YEAR TRADING UPDATE

 

Trading in line with expectations; strong Christmas trading performance

 

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 31(st) December 2023.

 

Trading

 

For the full year the Group expects to report results in line with the Board's
expectations, with continued revenue growth and operational progress.
Trading during the key festive period was strong, with +3% volume growth in
December compared to the same period last year.

 

·    The UK and Ireland business overall has continued to make progress,
with a particularly strong festive trading period and overall revenue
increases compared to the prior year.

 

·    UK Seafood has performed ahead of our turnaround targets with the
business generating operating profits throughout the second half of the year
and for the full year in total.

 

·    In Europe, revenue is ahead of the previous year, benefitting from
continued growth in our Foppen business and following the start of production
of a range of convenience products at our Swedish food park in September
2023.  The work to rationalise our Dalco vegetarian and vegan business into a
single site has progressed well and is nearing completion.

 

·    Our business in APAC, where we operate three facilities in Australia
and a multi-protein food park in New Zealand, has continued to deliver strong
volume and revenue growth in the period.

 

·    Greenchain Solutions, our technology and services business, which
includes Foods Connected, Agito and Evolve4, offers an industry-leading
technology platform providing end-to-end supply chain and integrated
automation solutions that have continued to support the development of the
Group's core business, whilst also contributing further by adding new
international customers in the period.

 

Our Sustainable Protein Plan underpins the Group's strategy through the core
pillars of People, Planet and Product.  We have submitted more ambitious
Science Based Targets across Scope 1, 2 and 3 emissions aligned to 1.5 ̊C
pathway.  Continuing to improve the efficiency of our state-of-the-art
facilities is a key area of focus within this plan; 10 of them have now
achieved ISO 50001 accreditation in recognition of the focus we place on
energy management and efficiency throughout the business with further roll out
planned throughout 2024.

 

Outlook

The Board is confident in the outlook for 2024, underpinned by positive recent
trading and the Group's strong financial position and cash flows with reduced
leverage and comfortable headroom.

 

Looking ahead, the strength of Hilton Food's highly automated supply chain and
leading technology, combined with our outstanding multi-category food products
provides us with a strong platform for sustained growth. We continue to
explore opportunities in existing and new markets as we deliver on our
strategy of becoming the international protein partner of choice.

 

Steve Murrells CBE, Hilton Foods Chief Executive Officer, said:

"We finished the year with positive festive trading, and full year performance
in-line with expectations. Our Christmas period was supported by the strength
of our high quality and relevant products.  Over the year, we have developed
our technology and supply chain capabilities, and  underpinned by our
Sustainable Protein Plan, we have continued to support our customers,
providing them with relevant, high quality proteins that consumers want on
their plate.  We were delighted to announce a long term supply agreement with
Walmart Canada in September and looking ahead, we remain confident that
Hilton's inherent strengths leaves the Group well-placed to grow further with
new and existing customers as we remain focused on becoming the international
protein partner of choice."

 

 

The Group expects to publish its preliminary results for the 52 weeks ending
31(st) December 2023 on 3(rd) April 2024.

 

 

 

 

 

 

For further information please contact:

 

 Hilton Food Group plc                        Tel: +44 (0) 1480 387214
 Steve Murrells CBE, Chief Executive Officer

 Matt Osborne, Chief Financial Officer

 Headland Consultancy                         Tel: +44 (0) 20 3805 4822
 Susanna Voyle                                Email: hiltonfood@headlandconsultancy.com
 Will Smith
 Joanna Clark

 

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