REG - Hilton Food Grp Plc - Preliminary Results
08/04/2025 07:00
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RNS Number : 0110E Hilton Food Group PLC 08 April 2025
8 April 2025
Hilton Food Group plc Preliminary results
for the 52 weeks ended 29 December 2024
Core retail meat market outperformance; strong volume growth driving improved
profitability
Group well-positioned with strong offerings across multiple international
markets
Current trading in line with expectations (3)
Business Highlights
· Strong retail meat volume growth across UK, Europe and APAC; Market
outperformance in all regions, supported by product improvement,
premiumisation and new ranges
· Expanding internationally with a capital-light entry into Saudi Arabia
in H2 2026, tapping into high-growth potential
· Hilton Foods Canada - a growth pipeline with the number one global
retailer on track for launch early 2027
· Growing with existing partnerships into new countries or categories and
complementary new partnerships
· Further progress in leveraging technology as a driver of value with
highly automated facilities and roll-out of the strategic automation programme
as a key differentiator
· Continued advances in sustainability aligned with customer priorities,
resulting in an improved CDP Climate score that places us in the top 1.5% of
reporting companies
Financial Overview
· Volume increase of 4.4% with ROCE up 3.4% ppts to 21.7%
· Revenue up by 1.9% on a constant currency basis despite expected impact
of raw material deflation in APAC. On a statutory basis revenue unchanged at
£4.0bn
· Adjusted operating profit (2) increased by 11.9% on a constant currency
basis to £104.7m
· Statutory operating profit up 14.8% reflecting £13.2m insurance
proceeds offset by £9.8m non-cash goodwill impairment
· Strong free cash inflow (2) of £62.2m (2023: £112.1m); remaining a
highly cash generative core business
· Net bank debt (2) £131.4m (2023: £139.7m); year-end net bank debt as
a proportion of adjusted EBITDA reduced to 0.9 times (2023: 1.0 times)
· Proposed final dividend of 24.9p, taking the total dividend for 2024 to
34.5p (2023: 32.0p) reflecting the Board's confidence and commitment to a
progressive dividend policy
2024 2023 Change
52 weeks 52 weeks Reported Constant currency
to to
29 December 2024 31 December 2023
Volume (tonnes) (1) 540,239 517,347 4.4% 4.4%
Revenue £3,988.3m £3,989.5m 0.0% 1.9%
Adjusted operating profit (2) £104.7m £95.0m 10.2% 11.9%
Adjusted profit before tax (2) £76.1m £66.0m 15.3% 17.1%
Adjusted basic earnings per share (2) 61.0p 52.8p 15.5% 17.4%
Statutory operating profit £98.8m £86.1m 14.8%
Statutory profit before tax £61.0m £48.6m 25.5%
Statutory basic earnings per share 43.7p 40.6p 7.6%
Free cash flow (2) £62.2m £112.1m
Net bank debt (2) £131.4m £139.7m
Dividends paid and proposed in respect of the year 34.5p 32.0p 7.8%
Current trading and outlook
2025 trading has started well. While the macro backdrop remains uncertain we
are confident that we can deliver further earnings growth for the full year,
in line with market expectations (3). Beyond the near term, we are well placed
for continued success with a strong medium-term growth pipeline and recently
secured opportunities in new geographies, underpinning our expansion strategy
and long-term vision.
Our business model and proposition continues to prove attractive globally,
presenting further opportunities to expand and strengthen our presence in key
markets. With our track record of disciplined execution, financial stability,
and a pipeline of strategic opportunities, we are confident in our ability to
create long-term value for all our stakeholders.
Steve Murrells CBE Hilton Foods Chief Executive Officer, said:
"I'm incredibly proud of our strong performance in 2024, with core retail meat
volumes outpacing the market. Our teams have gone above and beyond to deliver
high-quality products, exceptional service, and the innovation consumers
desire, all while maintaining great value. This unwavering commitment reflects
our focus on excellence, compliance, and meeting the highest industry
standards to better serve our customers. Through innovation, automation, and
strategic partnerships, we continue to unlock new growth opportunities,
including our expansion into Saudi Arabia and progress with Walmart in Canada.
"Our team's commitment ensures we stay ahead of evolving consumer preferences,
enabling us to drive category growth and anticipate future demand. With
advanced automation, a strong sustainability focus, and a proven track record
of successful product launches.
"Hilton Foods is expert in providing the highest levels of customer service
and operating the most efficient sites around the world. These attributes
underpin our existing relationships and leave us strongly positioned to enter
new markets and attract new customers. I am excited for the opportunities
ahead."
Notes
1 Volume includes 50% share of the Portuguese joint venture activities
2 Hilton uses Alternative Performance Measures (APMs) to monitor the
underlying performance of the Group which are detailed in note 16 and the
Glossary. Management considers that APMs, in addition to statutory metrics,
provide useful information on business performance which enables management to
monitor and manage the business day-to-day
3 Range of covering analysts adjusted PBT for 2025 as at 7 April 2025
£76.8m - £83.3m
A presentation for analysts and investors will be held this morning at
09.00am, which will also be webcast. For access to the live webcast, please
register at the following link:
https://stream.brrmedia.co.uk/broadcast/67e4042605615af5cfeafccf
(https://stream.brrmedia.co.uk/broadcast/67e4042605615af5cfeafccf)
Enquiries
Hilton Foods
Tel: +44 (0) 1480 387214
Steve Murrells CBE, Chief Executive Officer
Matt Osborne, Chief Financial Officer
Hannah Surtees, IR & Communications Director
Headland Consultancy
Limited Tel: +44
(0) 20 3805 4822
Susanna
Voyle
Email: hiltonfood@headlandconsultancy.com
Will Smith
Joanna Clark
About Hilton Foods
Hilton Foods is a leading international food manufacturer, supplying
high-quality meat, seafood, plant-based foods, and pre-prepared meals,
alongside supply chain solutions. With over 8,000 employees and 24
state-of-the-art facilities (including JVs), we serve customers in 19 markets
across Europe, Asia Pacific, and North America. Our business is built on
long-term partnerships with retailers and suppliers, driving international
growth and shared value. We focus on delivering high quality, affordable,
traceable, and sustainable food products while investing in innovation and
automation to meet evolving consumer needs.
Chairman's introduction
Robert Watson led the Hilton Foods Board during 2024 before stepping down on
31 December 2024. I joined the Board on 1 October 2024, initially as a
Non-Executive Director, before taking over as Board Chair on 1 January 2025. I
am delighted to have joined this fantastic business, built over 30 years by
Robert and fellow founder Philip Heffer, with great people and an excellent
leadership team.
Strategic progress
This business has strong foundations. Our long-standing customer
relationships, global scale, and product and technology expertise have enabled
us to make continued strategic progress - even in another year marked by
ongoing political and economic uncertainties.
During the year, investments delivered through our automation programme have
strengthened our long-term operational resilience, unlocked capacity and
positioned us well to deliver on future growth opportunities. We are also
creating new growth opportunities by expanding our customer base through new
retail partnerships.
Our new Canadian facility is on track, with operations expected to commence in
early 2027. Meanwhile, the recently announced NADEC joint venture, due to
launch in the second half of 2026, extends our global reach into the Middle
East, where we see exciting long-term growth potential.
Group performance
In 2024, we achieved further volume growth, delivering strong results through
sustainable growth. Our core meat business grew across all regions,
outperforming the market. The performance of our seafood business has improved
and was a significant contributor to the improved profitability of the UK and
Ireland.
While ongoing market challenges continue to impact our vegetarian and vegan
business, we have taken proactive measures to streamline operations -
including consolidating to a single production site. We remain confident in
the category's long-term opportunities.
In 2024, we generated strong operating cash flows, enabling further
significant investment in our facilities. These investments are increasing
capacity, improving operational efficiency and allowing us to deliver
innovative solutions for our retailer partners. We have a robust balance sheet
operating comfortably within our banking covenants. We are well-positioned to
continue to invest to support our growth.
Our performance has been delivered by an excellent team of people across the
whole Group and I would like to thank them for their continued hard work and
commitment.
Dividend policy
The Board is pleased to maintain a progressive dividend policy and remains
confident that this continues to be appropriate. With the proposed final
dividend of 24.9p per ordinary share, total dividends in respect of 2024 will
be 34.5p per ordinary share, an increase of 7.8% compared to last year.
Our Board, purpose and governance
The Hilton Foods Board is responsible for the long-term success of the Group
and establishing its purpose, values and strategy aligned with its desired
culture. Our purpose is to partner with leading retail and food service
customers to produce high quality food products at scale. Our principle of
partnership extends to our suppliers, colleagues and the communities in which
we operate. We enable success through our passion for innovation, improving
supply chains, processes and packaging, and continually developing our product
ranges to best meet consumer needs. As an international food processor and
supply chain specialist, we create efficiency and flexibility, delivering
growth for stakeholders.
To achieve this the Board has an appropriate mix of skills, depth and
diversity and a range of practical business experience, which is available to
support and guide our management teams across a wide range of countries,
continuing to address succession planning and maintain a talent pipeline. We
balance good governance with an agile, entrepreneurial approach, considering
workforce and stakeholder interests in all decisions. I would like to thank
my colleagues on the Board for their support, counsel and expertise.
Sustainability
Sustainability is written into the way we work and is strategically aligned
with our customer's priorities. Our 2025 Sustainable Protein Plan targets
reflect our ambition to make proteins more sustainable, and we are on track to
achieve most of our original targets a year ahead of schedule.
In 2024 we published our inaugural Transition Plan, setting out a road map to
becoming a net zero company by 2048, two years ahead of our original target.
The plan sets out five areas where we see opportunities for faster reductions
in carbon emissions, from reducing operational emissions, through to lowering
methane from livestock. Our Transition Plan is one of the first of its kind in
the sector and demonstrates our commitment to driving change.
We have made excellent progress improving all three of our Carbon Disclosure
Project scores from last year even as the bar becomes more challenging. We
scored an A for climate, A- for forests and, in our first year of disclosure,
a B for water. This is a fantastic set of scores and puts us among top
businesses globally. We have also cut the amount of food waste in our
factories by 47% since 2020 by harnessing our strengths in technology and
supply chain management to innovate at every stage of the food chain. By the
end of 2025 we will be using 100% renewable electricity across all our
operations in the UK and Europe.
Our scale, our partnerships, and our supply chain expertise give us a vantage
point which helps us to deliver positive change, shaping the future of food.
The progress we have made has been particularly notable in light of rising
prices and global instability over the past few years. We continue to focus on
building impactful partnerships, to scale our work and make an even bigger
difference to the sustainability challenges we face as a planet.
People and culture
We believe the work we do as a business is crucial for society and brings
value to all our stakeholders. None of this would be possible without the
people who run, manage and drive the business forward each and every day.
Ensuring the safety, wellbeing and fair treatment of everyone in our business
is at the centre of everything we do, fuelling our progress and shaping our
future, and their voices are crucial to the success of the business.
In 2024, we achieved a 47% reduction in lost time incident severity rate as
part of our continued focus on safety through creative campaigns that raise
awareness and encourage safe behavioural changes at work. Through our annual
engagement survey wellbeing, continued opportunities for growth, and inclusion
came out as key priorities. We have established robust internal systems by
integrating a core ethical labour standard across all global manufacturing
sites, with all our sites successfully completing SMETA audits in the year. We
also launched our online learning management system at our UK sites, offering
employees flexible and accessible opportunities for professional growth.
Robert Watson stepped down from the Board after more than 20 years with the
business, initially as Chief Executive before transitioning to Executive
Chairman in 2018 and then Non-Executive Chairman in 2021. Robert's
contribution to Hilton Foods, together with Philip Heffer, is immeasurable and
on behalf of all our people, customers and investors I want to thank them for
everything that they have done to build this business into what it is today.
Annual General Meeting
This year's AGM will be held at the Hilton Foods offices at 2-8 The
Interchange, Latham Road, Huntingdon, Cambridgeshire PE29 6YE, in an in-person
physical meeting format on Tuesday, 20 May 2025, at noon. Please refer to our
website at www.hiltonfoods.com/investors/agm/
(http://www.hiltonfoods.com/investors/agm/) for further guidance.
Mark Allen OBE
Chairman
7 April 2025
Chief Executive's summary
Strong profit performance and volume growth
Overview
In 2024, we delivered solid volume growth, up 4.4%, across all regions,
maintaining strong momentum against all of our strategic priorities. This
performance was driven by our core retail meat business - the foundation of
our portfolio - which outperformed total market growth in every region. Our
seafood operations made significant progress, delivering enhanced efficiency
and profitability. These improvements are reflected in our financial results,
with adjusted PBT increasing by 17.1% at constant currency and by 15.3% on a
reported basis.
We are building a business that is well-positioned for sustainable, long-term
success. We are a scale operator in the international food industry, offering
a highly relevant, in-demand, product portfolio in attractive growth markets.
Our foundation is built on long-term customer partnerships that ensure stable
and predictable demand with a unique operating model and deep industry
expertise - enabling us to successfully enter new markets and attract new
customers globally. This strategic position is supported by strong financials
that give us the flexibility to pursue strategic expansion while maintaining
stability and resilience in the core business.
Region performance
Revenue Change Adjusted operating profit Change
2024 2023 Reported Constant currency 2024 2023 Reported Constant currency
UK & Ireland £1,465.9m £1,329.3m 10.3% 10.6% £50.9m £35.5m 43.4% 43.7%
Europe £1,059.0m £1,045.3m 1.3% 3.2% £40.8m £40.9m -0.2% 1.1%
APAC £1,463.4m £1,614.9m -9.4% -6.2% £29.8m £30.2m -1.3% 2.0%
UK and Ireland
This operating segment covers the Hilton Foods businesses and joint ventures
across the UK and Ireland, including our meat processing facilities in the UK
in Huntingdon, seafood facilities in Grimsby, our food service business
Fairfax Meadow and our ROI meat facility in Drogheda.
The business delivered strong growth in 2024, with volumes increasing by 9.1%
and revenue increasing by 10.6% on a constant currency basis (10.3% at actual
FX rates). Adjusted operating margins increased to 3.5% (2023: 2.7%), driven
by a strong performance from the core meat businesses, with seafood delivering
as planned. This performance, which included record Christmas volumes across
both meat and seafood, contributed significantly to profit growth across our
UK and Ireland business.
Europe
This operating segment covers the Group's meat, easier meals, seafood, vegan
and vegetarian businesses and joint ventures in Holland, Sweden, Denmark,
Central Europe, Greece and Portugal.
Volumes grew by 1.6%, with revenue increasing by 3.2% on a constant currency
basis (1.3% at actual FX rates), reflecting moderating inflationary pressures
in meat. Adjusted operating margins remained stable at 3.9% (2023: 3.9%).
The vegan & vegetarian market continues to face changing consumer demand
patterns that are creating structural headwinds. We have recognised a £9.8m
non-cash impairment charge related to goodwill acquired with our Dalco
business reflecting the impact of changes in conditions in the vegan and
vegetarian market. We have responded by consolidating operations onto a single
site and adapting our approach to address the evolving customer trends, which
are already yielding new business opportunities.
We have welcomed a new complementary customer to our facilities in Denmark to
utilise excess capacity, agreed to launch a frozen burger range in Sweden with
ICA and continue to strengthen our partnership with Żabka in Central Europe
serving a new market, Romania.
APAC
The Group operates three Australian processing facilities (Bunbury in Western
Australia, Melbourne and Brisbane) alongside our multi-protein food park
facility in Auckland, New Zealand.
Volume growth remained strong at 4.0%, demonstrating the continued strength in
our core meat category. Revenue declined 6.2% on a constant currency basis
(9.4% at actual FX rates) primarily due to significant raw material price
deflation, particularly in the first half. In addition, adjusted operating
profit margins improved to 2.0% (2023: 1.9%), despite the impact of lower
interest cost recovery.
Our expertise in supply chain excellence was recognised when we were named
Woolworths' supplier of the year in Australia and New Zealand.
Leading food manufacturer with highly relevant products
Hilton Foods is a business driven by a genuine passion for food innovation.
Our food and innovation experts work collaboratively with our customers to
develop market-leading ranges that meet evolving consumer demands and drive
volume growth across all categories and regions.
At Hilton Foods Australia, we have grown sales through the relaunch of the
barbeque range including an improved burger range. In the UK, we have
successfully launched an elevated premium at-home steak restaurant experience
while expanding our premium Christmas food-to-order products. Across Europe,
we introduced premium tier range extensions and ranges of healthier hybrid
mince, burger, and meatball products made from beef and poultry.
Throughout 2024, we have continued to launch initiatives to reduce the use of
plastic in our packaging, which has resulted in a 1692t reduction or offset of
plastic use and launched a first-to-market trial of tray-to-tray packaging
circularity in a limited number of stores in partnership with one of our
strategic packaging suppliers and Tesco.
Growing across international markets with significant expansion potential
Hilton Foods has unique capabilities to expand its product portfolio across
regions - selling more proteins and products to our existing customers around
the world. In 2024, we successfully extended our UK-produced value-added
seafood range to New Zealand to address the growing consumer demand for
convenient seafood products. We also expanded into Romania through our Central
European facility by capitalising on our strong partnerships with Ahold
Delhaize and Żabka.
Our geographical expansion reached a significant milestone with the recently
announced joint venture with NADEC, a new customer partnership in Saudi Arabia
- our first entry into the exciting Middle East market, with an estimated red
meat market size of 25m tonnes per annum. Our operations are scheduled to
commence in H2 2026, and this venture aligns with the Kingdom of Saudi
Arabia's Vision 2030 initiatives that prioritise food security and offers
substantial long-term growth potential. Our long-term partnership with Walmart
in Canada, where we will provide comprehensive multi-protein solutions whilst
deploying our state-of-the-art sorting capabilities, is on track for launch in
early 2027.
While organic growth and geographical expansion are our primary growth levers,
we will maintain a disciplined approach to evaluating M&A opportunities
that arise that could offer strong returns and clear synergies.
Future-ready: Consumer-driven supply chain innovation and digital
transformation
Our industry-leading technology is a key element of our competitive
differentiation, directly addressing critical macro challenges, including
rising labour costs and lower staff availability, as well as growing demand
for supply chain traceability and transparency. Through our advanced robotics
and cloud-based infrastructure, we deliver exceptionally efficient supply
chain solutions that empower retailers to manage their full end-to-end value
chain, from specification to product quality and production mapping costs.
The Foods Connected platform strengthens both our business and our customers'
supply chains by optimising data-led decision-making that drives cost
efficiency and enables visibility of supply chain risks. Our category experts
continue to pioneer innovations across our supply chains, exploring
alternative species in seafood and optimising availability, price, and quality
during seasonal peak periods.
Our integrated technology solutions continue to enhance our core food business
with significant improvements in complex automation across our food processing
facilities through our joint venture with Agito. This year, our UK strategic
automation programme delivered measurable improvements, including end-of-line
robotic automation, which boosted efficiency and reduced reliance on labour.
In addition to supporting our core food business, each of our technology
businesses continues to make progress in unlocking opportunities to
commercialise their products and services outside the Group.
The Sustainable Protein Plan
The Sustainable Protein Plan underpins everything we do, and sustainability
remains a key strategic priority for our customers. Our principle of operating
through partnership extends into sustainability, where we deliver positive
change by collaborating throughout the supply chain. This year we have
continued to make progress on our commitments, with a reduction of 32% in
scope 1 and 2 emissions versus 2020 base, achieving an A CDP score for climate
change, placing us in the top reporting businesses and we published our
inaugural transition plan. We continue to raise our standards with more
ambitious science-based targets, in line with a 1.5̊ C pathway, which was
validated in March 2024, and most recently were founding signatories to the UK
Food Business Charter committing to an ambition of 40% female representation
by 2035.
Looking forward
Hilton Foods has all the right attributes to deliver long-term success. We
have built a business that is acutely tuned to respond to evolving consumer
preferences and market dynamics, enabling us to anticipate demand and drive
category growth. Our competitive advantages are clear: strength and longevity
of partnerships, industry-leading automation, genuine sustainability
leadership, and a strong track record of launching successful new product
offers.
The strength and the longevity of our partnerships underpin everything that we
do, providing stability within our existing business that creates a strong
platform for growth - whether through deeper collaboration with existing
partners, developing complementary relationships or expanding into new
markets. Our financial strength provides the flexibility to pursue strategic
expansion whilst maintaining our focus on ensuring that the core business
remains strong and stable.
Steve Murrells CBE
Chief Executive Officer
7 April 2025
Performance and financial review
Summary of Group Performance
This performance and financial review covers the Group's financial performance
and position in 2024. Hilton Foods' overall financial performance saw strong
profit growth, driven by strong volume growth in our core retail meat category
and continued improvements in our UK Seafood business. Cash flow generation
was strong, supporting our ongoing investment in facilities.
Basis of preparation
The Group is presenting its results for the 52-week period ended 29 December
2024, with comparative information for the 52-week period ended 31 December
2023. The Group's financial statements have been prepared in accordance with
UK-adopted International Financial Reporting Standards (IFRS) and the
Companies Act 2006 applicable to companies reporting under IFRS.
Hilton uses Alternative Performance Measures (APMs) to monitor the underlying
performance of the Group. Management uses these APMs to monitor and manage the
business's day-to-day performance and therefore believes they provide useful
additional information to shareholders and wider users of the financial
statements.
2024 Financial performance
Group results
Volume and revenue
Volumes grew by 4.4% in the year reflecting growth across all regions.
Additional details of volume growth by business segment are set out in the
Chief Executive's summary. Revenue increased 1.9% to £4.0bn on a constant
currency basis, although flat on a reported basis reflecting APAC raw material
price deflation.
Operating profit and margin
Adjusted operating profit, which excludes adjusting items as set out in note
16, was £104.7m (2023: £95.0m) and is 10.2% higher than last year and 11.9%
higher on a constant currency basis reflecting strong trading in the UK &
Ireland. Adjusting items total £5.9m net cost (2023: £8.9m net cost) and
include £13.2m of insurance proceeds received in respect of the claim made in
connection with fire at our Belgium facility in 2021, reorganisation costs of
£4.2m and a £9.8m non-cash impairment of goodwill recognised. After allowing
for these adjusting items, IFRS operating profit was £98.8m (2023: £86.1m).
The Group's adjusted operating profit margin in 2024 increased to 2.6% (2023:
2.4%) and the adjusted operating profit per kilogram of packed food sold
increased to 19.4p (2023: 18.4p).
Net finance costs
Adjusted net finance costs, excluding non-underlying items and lease interest,
reduced slightly to £28.6m (2023: £28.9m). Interest cover as a proportion of
adjusted EBITDA in 2024 increased to 5.3 times (2023: 5.0 times). IFRS net
finance costs were £37.8m (2023: £37.5m).
Taxation
The adjusted taxation charge for the period was £18.9m (2023: £17.2m). The
effective tax rate was 24.9% (2023: 26.0%). The IFRS taxation charge was
£19.4m (2023: £10.6m) with an effective tax rate of 31.8% (2023: 21.9%).
Net income
Adjusted net income, representing profit for the year attributable to owners
of the parent, of £54.7m (2023: £47.2m) was 15.9% higher than last year and
17.8% higher on a constant currency basis. IFRS net income was £39.3m (2023:
£36.4m).
Earnings per share
Adjusted basic earnings per share at 61.0p (2023: 52.8p) was 15.5% higher than
last year and 17.4% on a constant currency basis. IFRS basic earnings per
share were 43.7p (2023: 40.6p). Diluted earnings per share were 43.3p (2023:
40.2p).
Earnings before interest, taxation, depreciation and amortisation (EBITDA)
Adjusted EBITDA, which is used by the Group as an indicator of cash
generation, increased to £152.6m (2023: £144.0m).
Balance sheet, cash flow and funding
Return on capital employed (ROCE)
ROCE, calculated as adjusted operating profit divided by the average of
opening and closing capital employed (representing total equity adjusted for
net bank cash/debt, leases, derivatives and deferred tax), was 21.7% (2023:
18.3%).
Free cash flow and net debt position
Operating cash flow was again strong in 2024, with cash flows from operating
activities of £183.8m (2023: £216.1m) reflecting higher profits and reduced
favourable working capital movements. Free cash inflow, after capital
expenditure of £73.5m but before cashflows from financing activities, was
£62.2m (2023: £112.1m) primarily attributable to the reduced favourable
working capital movements and higher tax and capex expenditure.
The Group's closing net bank debt (comprising borrowings less cash and cash
equivalents excluding lease liabilities), reduced to £131.4m (2023: £139.7m)
reflecting bank borrowings of £243.3m net of cash balances of £111.9m. Net
debt including lease liabilities was £337.4m (2023: £366.6m). Year-end net
bank debt as a ratio of adjusted EBITDA reduced to 0.9 times (2023: 1.0
times).
At the end of 2024 the Group had undrawn committed bank facilities under its
syndicated banking facilities of £108.0m (2023: £108.7m). These banking
facilities are subject to covenants comprising three times net bank debt to
EBITDA and four times EBITDA interest cover. There was comfortable headroom
under these covenants at the end of the year for these metrics. The Group also
uses supply chain finance facilities provided by its customers as a
cost-effective way of managing fluctuations in working capital requirements.
The resilience of the Group has been assessed by applying significant downside
sensitivities to the Group's cash flow projections. Allowing for these
sensitivities and potential mitigating actions, the Board is satisfied that
the Group has adequate headroom under its existing committed facilities and
will be able to continue to operate well within its banking covenants.
Dividends
The Group has maintained a progressive dividend policy since flotation and has
recommended a final dividend of 24.9p per ordinary share in respect of 2024.
This, together with the interim dividend of 9.6p per ordinary share paid in
November 2024, represents an increase of 7.8% compared to last year's 32.0p
per ordinary share. The final dividend, if approved by shareholders, will be
paid on 27 June 2025 to shareholders on the register on 30 May 2025 and the
shares will be ex-dividend on 29 May 2025.
Key performance indicators
How we measure our performance against our strategic objectives
The Board monitors a range of financial and non-financial key performance
indicators (KPIs) to measure the Group's performance over time in building
shareholder value and achieving the Group's strategic priorities. The nine
headline KPI metrics used by the Board for this purpose, together with our
performance over the past two years, is set out below:
2024 2023 Definition, method of calculation and analysis
52 weeks 52 weeks
Financial KPIs
Revenue growth (%) 0.0% 3.7% Year on year revenue growth expressed as a percentage. The 2024 metric
reflects volume growth offset by the impact of fx rates and APAC raw material
price deflation.
Adjusted operating profit margin (%) 2.6% 2.4% Adjusted operating profit expressed as a percentage of turnover. The
improvement in 2024 mainly reflects strong trading in the UK & Ireland.
Adjusted operating profit margin (pence per kg) 19.4 18.4 Adjusted operating profit per kilogram processed and sold in pence. The
increase in 2024 mainly reflects strong trading in the UK & Ireland.
Adjusted earnings before interest, taxation, depreciation and amortisation 152.6 144.0 Adjusted operating profit before depreciation and amortisation. The increase
(EBITDA) (£m) in 2024 mainly reflects higher profitability.
Return on capital employed (ROCE) (%) 21.7% 18.3% Adjusted operating profit divided by average of opening and closing capital
employed representing total equity adjusted for net bank cash/debt, leases,
derivatives and deferred tax. The increase in 2024 is primarily driven by
higher profitability.
Free cash flow (£m) 62.3 112.1 IFRS cash inflow/(outflow) before minorities, dividends and financing. The
decrease in 2024 is primarily attributable to reduced favourable working
capital movements and higher tax and capex expenditure.
Net debt / EBITDA ratio (times) 0.9 1.0 Year-end net bank debt as a percentage of adjusted EBITDA. The improvement in
2024 is due to strong profit and cash generation.
Non-financial KPIs
Growth in sales volumes (%) 4.4% 0.7% Year on year volume growth. There was volume growth across all regions in
2024.
Customer service level (%) 98.4% 94.1% Packs of product delivered as a % of the orders placed. The customer service
level remains best in class.
In addition, a much wider range of financial and operating KPIs are
continuously tracked at business unit level.
Going concern statement
The Directors have performed a detailed assessment, including a review of the
Group's budget for the 2025 financial year and its longer term plans,
including consideration of the principal risks faced by the Group.
The resilience of the Group has been assessed by applying significant downside
sensitivities to the Group's cash flow projections and a reverse stress test,
flexing operating profit to determine what circumstance would be required to
breach the two financial covenants, net debt/EBITDA and interest cover.
Allowing for these sensitivities and potential mitigating actions, the Board
is satisfied that the Group is able to continue to operate well within its
banking covenants and has adequate headroom under its new committed facilities
which do not expire until January 2027. The Directors are satisfied that the
Company and the Group have adequate resources to continue to operate and meet
its liabilities as they fall due for the foreseeable future, a period
considered to be at least 12 months from the date of signing these financial
statements. For this reason, the Directors continue to adopt the going concern
basis for preparing the financial statements.
The Group's net bank debt as at 29 December 2024 was £131.4m. It has access
to undrawn committed loan facilities of £108m which have an expiry date of
January 2027.
Future geographical expansion which is not yet contracted, and which is not
built into our internal budgets and forecasts, may require additional or
extended banking facilities, and such future geographical expansion will
depend on our ability to negotiate appropriate additional or extended
facilities, as and when they are required.
The Group considers that the likelihood of the reverse stress test scenario
occurring to be remote. Internal budgets and forward forecasts, which
incorporate all reasonably foreseeable changes in trading performance, are
regularly reviewed by the Board and show that it will be able to operate
within its current banking facilities, taking into account available cash
balances, for the foreseeable future.
Viability statement
In accordance with provision 31 of the 2018 UK Corporate Governance Code, the
Directors confirm that they have a reasonable expectation that the Group will
continue to operate and meet its liabilities, as they fall due, for the three
years ending in December 2027.
A period of three years has been chosen for the purpose of this viability
statement as it is the key period of focus within the Group's strategic plan,
which is based on the Group's current customers and does not incorporate the
benefits from any potential new contract gains over this period.
The Directors' assessment has been made with reference to the Group's current
position and strategy taking into account the Group's principal risks,
including those in relation to the changing geopolitical and macroeconomic
environment, and how these are managed. The strategy and associated principal
risks, which the Directors review at least annually, are incorporated in the
strategic plan and such related scenario testing as is required. The strategic
plan makes reasoned assumptions in relation to volume growth based on the
position of our customers and expected changes in the macroeconomic
environment and retail market conditions, expected changes in food raw
material, packaging and other costs, together with the anticipated level of
capital investment required to maintain our facilities at state-of-the-art
levels. The Group's current bank facilities expire in January 2027 and are
expected to be renegotiated prior to their expiry on comparable terms to the
existing arrangements.
Cautionary statement
This Strategic report contains forward-looking statements. Such statements are
based on current expectations and assumptions and are subject to risk factors
and uncertainties which we believe are reasonable. Accordingly the Group's
actual future results may differ materially from the results expressed or
implied in these forward-looking statements. We do not undertake to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
Matt Osborne
Chief Financial Officer
7 April 2025
Risk management and principal risks
Overview
Effective risk management at Hilton Foods is essential to the delivery of our
strategic objectives and aims to safeguard the interests of all our
stakeholders in an increasingly complex world. Our proactive approach to risk
management enables the long-term sustainable growth of all aspects of our
business and is integrated into everything we do.
Risks and risk management
In accordance with provision 28 of the 2018 UK Corporate Governance Code, the
Directors confirm that they have carried out a robust assessment of the
emerging and principal risks facing Hilton Foods that might impede the
achievement of its strategic and operational objectives or affect performance
and cash position. As a leading international food and supply chain services
provider in a fast-moving environment it is critical that Hilton Foods
identifies, assesses and prioritises its risks. The result of this assessment
is a statement of principal risks together with a description of the main
controls and mitigations that reduce the effect of those risks were they to
crystallise. This, together with the adoption of appropriate mitigating
actions, enables us to monitor, minimise and control both the probability and
potential impact of these risks.
How we manage risk
Hilton Foods takes a proactive approach to risk management with well-developed
structures and a range of processes for identifying, assessing, prioritising
and mitigating its key risks. The delivery of our strategy depends on our
ability to make sound risk informed decisions. The Internal Audit function
provides independent assurance that Hilton Foods risk management, governance
and internal control processes are operating effectively. The Audit Committee
are regularly updated on the risk based assurance plan by the Internal Audit
function who maintain and review processes for risk identification and
assessment, measurement, control, monitoring and reporting. Risk exposure is
reviewed by the Audit Committee twice a year.
Risk management process and risk appetite
The Board aims to balance a robust and proportionate control environment with
the agility needed to pursue new business opportunities. Despite these
efforts, the business will inevitably face certain risks and uncertainties, as
outlined below.
At Hilton Foods we nurture a culture where everyone is required to be aware of
the risks facing the business and their responsibilities for managing them. To
support this we maintain and create an environment where employees feel
comfortable speaking up. Our processes for identifying existing and emerging
risks and responding collaboratively to them is managed by the Internal Audit
function. Identified risks are measured and assessed for likelihood and impact
allowing for the correct risk responses to be developed. Policies, procedures,
controls and other measures are put in place to mitigate risks. We use a suite
of preventative, detective and corrective controls.
Risk ownership is assigned to key leaders. This ownership is reviewed as part
of the ongoing risk management process. Mitigation plans and controls are
developed collaboratively with the risk owner to ensure effective management.
Not all the risks listed are within the Group's control and others may be
unknown or currently considered immaterial but could turn out to be material
in the future. These risks, together with our risk mitigation strategies,
should be considered in the context of our risk management and internal
control framework, details of which are set out in the Corporate governance
statement. It must be recognised that systems of internal control are designed
to manage rather than completely eliminate any identified risks.
Current and emerging risks
Increasing geopolitical uncertainty
Geopolitical uncertainty and increasing levels of active hostilities in
multiple regions remain a significant concern and increases the risk impacting
our supply chains and operations. Disruption to energy markets, global
shipping and international trade particularly in relation to government tariff
strategies can also have far-reaching impacts. However, our continued review
of mitigations enables us to maintain resilience in our supply chains and
operations.
The macroeconomic environment
Cost-of-living pressures and economic uncertainty continue in much of the
world, with elevated inflation and interest rates not expected to reduce as
rapidly as previously expected. As these trends continue and as levels of
inflation and interest rates further ease we expect consumer spending and
eating habits to recover but remain cautious. We recognise the effect of
higher interest costs on all businesses and we continue to focus on ways of
reducing our exposure such as the use of cash pooling and exploring working
capital financing.
Our continued focus on cost control, innovation and factory efficiency, and
the implementation of automation and robotics is enabling us to manage the
inflationary pressures the industry is currently facing. Through our strong
customer relationships we are able to support consumers to navigate through
these challenging times.
Budgetary changes in the UK in relation to national insurance contributions
and wage inflation in the UK and Ireland, Europe and APAC regions are also
factors being mitigated through our 2025 budgets and regional planning.
Changing regulatory landscape
Hilton Foods has a strong basis of environmental, social and governance
policies and strategy. We recognise the potential disruption from growing
environmental regulations and the resourcing requirements to meet upcoming
disclosure requirements. We are actively enhancing our mitigations, including
third party risk management and supply chain due diligence.
We continue to monitor international regulatory and trade environments as they
evolve and amend processes and operations as required, including as a result
of the new administration in the USA.
We work closely with our customers and supply chains to adapt to further
revisions to border processes and trade agreements.
Cyber Risk
Information systems and cyber security risk continues to pose a threat to the
Group and remains a principal risk. We are aware that specific sectors
including manufacturing and logistics are increasingly a focus of such
attacks. Whilst the cyber security risk profile for Hilton Foods has remained
stable during the year, we recognise the challenges and opportunities that are
emerging through the development of Artificial Intelligence. We continue to
invest in our IT systems to remain protected and match the ever-increasing
number and diversity of external security threats.
The Board, through the Audit Committee receives key updates from the Group
Internal Audit and Risk Director, the Chief Information Officer and Head of IT
Security regarding our risk mitigation activities focussing on both the direct
threat to our operations and the wider supply chain, and the continued drive
on cyber-risk awareness and training across the Group.
The internal audit plan for 2024 included specific reviews on IT access
governance and IT systems and cyber-security resilience.
Hilton Foods fosters a digitally secure culture through:
* Information Security and IT policies are in place and are regularly reviewed.
Our cyber-security strategy and actions are regularly monitored by the Audit
Committee and the Board.
* Compulsory IT and cyber-security training is regularly run, including internal
phishing awareness campaigns, to validate that learning is embedded throughout
the organisation.
* Regular employee communication and engagement through cyber security
newsletters and email alerts to raise awareness of emerging threats.
* A centrally governed IT function continually monitors known and emerging
threats through dedicated platforms and in turns considers the effectiveness
of our incident response plans to manage and eliminate these risks. This
includes maintaining firewalls and threat detection and response systems with
regular penetration testing performed.
* Expanding IT response plans to incorporate wider stakeholders and continue to
develop alignment to the latest threats. Employees are encouraged to log all
security issues, facilitating rapid response to emerging threats. Easier
reporting of suspected phishing emails has been enabled through a shortcut
embedded in email software.
Principal risks
The most significant business risks that Hilton Foods faces, together with the
measures we have adopted to mitigate these risks, are outlined in the
following tables. This is not intended to constitute an exhaustive analysis of
all risks faced by Hilton Foods, but rather to highlight those which are the
most significant.
Description of risk Its potential impact Risk mitigation measures and strategies adopted
Risk 1
The progress of the Hilton Foods business is affected by the macroeconomic and No business is immune to difficult economic climates. The macroeconomic and Our strong growth model, based on successful
geopolitical environment and levels of consumer spending. geopolitical landscape, is placing extraordinary financial pressures on our
supply chains, operations, consumers and customers. diversification across different proteins and expanding as a technology-led
supply chain partner is built on our ESG credentials which underpin our
business resilience.
No movement
The risk of energy price volatility and the ongoing cost of driving crisis is
impacting consumer spending and eating habits. As a result, our retail
customers are under immense pressure to deliver value and are sharing that We continue to broaden product ranges with our retail partners, maintaining a
pressure with supplier partners. single-minded focus on minimising unit packing costs, whilst continuing to
deliver high levels of product quality and integrity.
Hilton Foods is able to harness its innovative and agile approach with its
class-leading technology and systems to respond quickly and effectively to
macroeconomic challenges and opportunities.
We recognise the impact of increasing interest costs on all businesses and we
continue to focus on ways of reducing our exposure such as the use of cash
pooling and exploring working capital financing.
Risk 2
Hilton Foods growth potential may be affected by the success of our customers Hilton Foods products predominantly carry the brand labels of our customers so Hilton Foods plays a very proactive role in enhancing its customers' brand
and the growth of their packed food sales. our sales are dependent on the success of our customers and their consumer values, by providing high quality, competitively priced products, high service
perception which is increasingly influenced by environmental, social and levels, ongoing product and packaging innovation and category management
No movement governance (ESG) considerations. support. We recognise that quality and traceability assurance are integral to
our customers' brands and we work closely with customers to ensure rigorous
quality assurance standards are met. Our customers continually measure
performance across a very wide range of parameters, including delivery time,
product specification, product traceability and accuracy of documentation. We
work closely with our customers to identify continuous improvement
opportunities across the supply chain, including enhanced product
presentation, extended shelf life and reduced wastage at every stage in the
supply chain.
Our ESG strategy underpins the growth of our product sectors for our customers
and supports them to reach their goals. Our ambitious 2025 Sustainable Protein
Plan is in partnership with our customers and suppliers as we engage in the
key collaborative initiatives that drive sustainability for our sectors and
raise the bar together.
We have set stretching goals that drive impactful actions that become
integrated into our core business practices. Our data collection platform,
Foods Connected, demonstrates the assurance of standards across our supply
chains, and allows us to measure progress towards our 2025 targets.
Risk 3
Hilton Foods strategy focuses on a small number of customers who can exercise Although Hilton Foods has historically relied on a few, influential retailers Hilton Foods is progressively widening its customer base, with the recent
significant buying power and influence when it comes to contractual renewal for a larger part of our revenue, this has diversified in recent years. The announcement of a partnership with Walmart Canada bringing further
terms at 1 to 15-year intervals. larger retail chains continue to focus on strengthening their market share of diversification to the customer portfolio. We maintain a high level of
protein products in the countries in which we operate, creating an investment in state-of-the-art facilities, which together with management's
No movement increasingly competitive retail environment. This has increased the buying and continuous focus on reducing costs, allows us to operate efficiently at high
negotiating power of our customers, which could enable them to seek better throughputs and price our products competitively.
terms over time.
Hilton Foods operates an entrepreneurial business structure, which enables us
During periods of unprecedented inflationary pressure, misalignment between to work very closely and flexibly with retail partners, in order
production costs and agreed operational packing rates may occur, potentially
impacting profitability. to achieve high service levels in terms of orders delivered, delivery times,
compliance with product specifications and accuracy of documentation, all
backed by an uncompromising focus on food safety, product integrity and
traceability assurance.
The Group maintains an ongoing focus on cost control, innovation and factory
efficiency to manage inflationary pressures. Hilton Foods continues to evolve
and respond to changing market conditions.
The provision of added value services in distribution and logistics deepens
the relationships we have with our retailer partners. Our technology and
services business offers an industry leading technology platform providing
end-to-end supply chain and integrated automation solutions. Investment in
these services means that we are able to develop and maintain a technology
advantage within our industry.
Risk 4
As Hilton Foods continues to grow there is a risk that the people capabilities The Group may struggle to meet key strategic objectives and projects and grow The Group carefully manages its skilled resources including succession
do not enable the business in line with the strategy of the business due to the following: planning and maintaining a talent pipeline. The Group is evolving its people
capability balanced with an appropriate management structure within the
to grow and change as is necessary. Recruiting, developing and engaging our · Culture, diversity & employee engagement overall organisation. Hilton Foods continues to invest in on-the-job training
workforce is critical to executing our strategy and achieving business
and career development, whilst recruiting high quality new employees, as
success. This risk increases as the Group continues to expand through · Leadership development & talent management required to facilitate the Group's ongoing growth. Appointment of additional
simultaneous growth projects with a need to ensure we have the right culture,
key resources and alignment of structures have supported the enhancement of
skills, capability and capacity in our workforce to execute the strategy. · Human capital management project management control and oversight. Control systems embedded in project
management enable the risks of growth to be appropriately highlighted and
managed. To underscore our efforts, we have active relationships with strong
industry experts across all areas of business growth.
movement
In the current climate, strong partnership and proximity to our customers are
fundamental. Hilton Foods leadership continues to develop its organisational
structures to ensure as close a relationship with our retail partners as
possible.
Risk 5
Hilton Foods business strength is affected by our ability to maintain a wide Hilton Foods is reliant on its upstream supply chain to provide sufficient Hilton Foods maintains a flexible global and local food supply base, which is
and flexible global food supply base operating at standards that can volume of products, to the agreed specifications, in the very short lead times progressively widening as it expands and is continuously audited to ensure
continuously achieve the specifications set by ourselves and our customers. required by customers, with efficient supply chain management being a key standards are maintained, so as to have in place a wide range of options
Increasing volatility within the upstream supply chain places additional business attribute. The Group has both local and global sourcing models. should supply disruptions occur.
pressure on our ability to source raw material. Current or future tariffs, quotas or trade barriers imposed by supplier
countries and other global trade developments, could materially affect the
No movement Group's international procurement ability and therefore potentially impact our
ability to meet agreed customer service levels. We have also developed partnerships with key strategic suppliers who share our
commitment to quality, food safety, animal welfare and sustainability.
Hilton Foods is reliant on its suppliers to provide sufficient volume of
products, to the agreed specifications, on time. The Group has both local and We engage with our suppliers through our supplier management platform, Foods
global sourcing models and efficient Connected where we track supply chain compliance, internal quality procedures
and manage the buying, planning and selling of our raw materials. This
supply chain management is a key business attribute. Current or future provides further assurance through strengthening supply chain robustness and
tariffs, quotas or trade barriers imposed by supplier countries and other transparency.
global trade developments could
materially affect the Group's international procurement ability and therefore
potentially impact our ability to meet agreed customer
service levels.
Risk 6
Contamination within the supply chain including outbreaks of disease and feed This will potentially affect Hilton Foods ability to procure sufficient Hilton Foods sources its food from a trusted raw material supply base, all
contaminants affecting livestock and fish. quantities of safe raw material. components of which meet stringent national, international and customer
standards. We are subject to demanding standards which are independently
No movement monitored in every country and reliable product traceability and high welfare
standards from the farm to the consumer are integral to our business model.
Full traceability from source to packed product is ensured across our
suppliers, supported by a comprehensive ongoing audit programme. Within our
factories Global Food Safety Initiative (GFSI) benchmarked food safety
standards and our own factory standard assessments ensure that the risk of
contamination throughout the processing, packing and distribution stages is
mitigated.
Risk 7
Significant incidents such as fire, flood, pandemic, a breach of site security Such incidents could result in systems or manufacturing process stoppages with Hilton Foods has robust business continuity plans in place including sister
or interruption of supply of key utilities could impact the Group's business consequent disruption and loss of efficiency which could impact the Group's site support protocols enabling other sites to step in with manufacturing and
continuity. sales. distribution of key product lines where necessary. Continuity management
systems and plans are suitably maintained and adequately tested including
No movement building risk assessments and emergency power solutions. Mitigation measures
to ensure site security include prevention of unauthorised access through
biometrics and authentication measures, perimeter controls and monitoring of
access points. There are appropriate insurance arrangements in place to
mitigate against any associated financial loss.
Risk 8
Hilton Foods IT systems could be subject to cyber attacks, including Hilton Foods operations are underpinned by a variety of IT systems. Loss or Our robust IT control framework, including our information security programme
ransomware and fraudulent external email activity. Such attacks are rapidly disruption to those IT systems or extended times to recover data or is aligned with the National Institute of Standards and Technology (NIST)
increasing in frequency and sophistication, especially with the progression of functionality could disrupt our operations and affect our sales and Cybersecurity and ISO Frameworks. We proactively identify and assess
artificial intelligence. reputation. vulnerabilities in our systems through simulated attacks, annual penetration
testing and weekly vulnerability scans.
movement
Remediation procedures allow us to correct potential weaknesses promptly.
Unauthorised access to systems, both within our own network and in our supply Testing is conducted by both internal staff and specialist external bodies. We
chains, could lead to loss of sensitive information. continuously improve our IT control framework which is applied consistently
throughout the business and ensures that our defences remain resilient in the
face of evolving cyber threats.
The risk of cyber attack is exacerbated by increasing geopolitical
uncertainties.
Our information security programme places a strong emphasis on incident
reporting and response. Employees are encouraged to promptly report any
potential security incidents, fostering a culture of transparency and
accountability. In the event of an incident, our response protocols enable us
to swiftly and effectively contain, eradicate, and recover from security
breaches.
Cyber awareness training plays a vital role in empowering our workforce to
recognise and report potential incidents. Frequent testing and simulations
help bolster the resilience of the organisation.
The Board and Risk Management Committee are regularly updated on cyber
security risk and mitigations. IT risk is considered when assessing new
ventures, new sites are required to comply with our minimum standards and
operating models. IT forms part of site business continuity exercises which
test and help develop the capacity to respond to possible crises or incidents.
Regular IT security reviews ensure compliance with expected levels of updates
to applications, servers and data centres.
Risk 9
A significant breach of health and safety resulting in any harm to people from Failure to maintain appropriate health and safety across the Group could The safety and health of our employees is the number one priority for the
negligence or management oversight. The complexity of this risk increases as result in significant harm or fatality leading to a reputational, regulatory business. Hilton Foods has established robust health and safety
the Group expands both geographically and into new product groups. and/or financial impact on our business.
processes and procedures across its operations, including a Group oversight
movement function which provides key guidance and support necessary
to strengthen monitoring, best practice and compliance. The Group has also
rolled out an enhanced standardised safety framework. Health and safety
performance is reviewed at every meeting by the Board. We are in the process
of rolling out a health and safety auditing platform to
support the strengthening of our current health and safety framework.
Risk 10
Hilton Foods business and supply chain is affected by climate change risks Potential physical impacts from climate change could include a higher We continue to develop our approach to climate change risk mitigation. We have
comprising both physical and transition risks. Physical risks include incidence of extreme weather events such as flooding, drought, and forest submitted more ambitious Science Based Targets across Scope 1, 2 and 3
long-term rises in temperature and sea levels as well as changes to the fires that could disrupt our supply chains and potentially impact production emissions aligned to the 1.5 ̊C pathway, to decarbonise our own operations
frequency and severity of extreme weather events. Transition risks include capabilities, increase costs and add complexity. Action taken by societies and supply chains. We have set energy and water efficiency targets for our
policy changes, reputational impacts, and shifts in market preferences and could reduce the severity of these impacts. sites and continue to engage in global collaborative action for
technology.
decarbonisation of our key raw materials. We have targets in place to deliver
net zero emissions from our operations and supply chain before 2050.
Governmental efforts to mitigate climate change may lead to policy and
No movement regulatory changes as well as shifts in consumer demand. The potential
transitional impacts include additional costs of low greenhouse gas emission Shifts in consumer demand are an opportunity for growth in our portfolio of
farming systems, and the potential of carbon price regulation aimed at plant based and seafood products. Additionally, we are ensuring we have the
shifting consumers to lower carbon foods, which may reduce the profitability flexibility to adapt our supply chains over time to mitigate physical
of some of our products. Additionally there is increased stakeholder focus on disruption.
climate change issues. Our reputation could be impacted if we are not active
in reducing the climate impacts of our operations and supply chains, resulting
in lower demand for our products.
We continue to review and develop our assessment of the key physical and
transition risks impacting our business in line with the Task Force on
Climate-related Financial Disclosures (TCFD) recommendations.
Note: References in this preliminary announcement to the Strategic report, the
Corporate and social responsibility report, the Directors' report and the
Corporate Governance statement are to reports which will be available in the
Company's full published accounts.
Consolidated statement of comprehensive income
2024 2023
52 weeks 52 weeks
Note £'m £'m
Continuing operations
Revenue 3 3,988.3 3,989.5
Cost of sales (3,531.4) (3,559.2)
Gross profit 456.9 430.3
Distribution costs (48.3) (47.7)
Administrative expenses (310.2) (297.1)
Share of profit in joint ventures 0.4 0.6
Operating profit 98.8 86.1
Finance income 4 1.8 0.6
Finance costs 4 (39.6) (38.1)
Finance costs - net (37.8) (37.5)
Profit before income tax 61.0 48.6
Income tax expense 5 (19.4) (10.6)
Profit for the period 41.6 38.0
Attributable to:
Owners of the parent 39.3 36.4
Non-controlling interests 2.3 1.6
41.6 38.0
Earnings per share attributable to owners of the parent during the year
Basic (pence) 6 43.7 40.6
Diluted (pence) 6 43.3 40.2
2024 2023
52 weeks 52 weeks
£'m £'m
Profit for the period 41.6 38.0
Other comprehensive (expense)/income
Items that may be subsequently reclassified to the income statement
Exchange differences on translation of foreign operations (9.4) (0.7)
(Loss)/gain on cash flow hedges (6.2) 6.7
Less: Cumulative loss/(gain) arising on hedging instruments reclassified to 1.4 -
profit or loss
(4.8) 6.7
Other comprehensive (expense)/income for the year net of tax (14.2) 6.0
Total comprehensive income for the year 27.4 44.0
Total comprehensive income attributable to:
Owners of the parent 25.4 42.4
Non-controlling interests 2.0 1.6
27.4 44.0
The notes are an integral part of these consolidated financial statements.
Consolidated and Company Balance sheets
Group Company
2024 2023 2024 2023 2 January 2023
restated* restated*
Notes £'m £'m £'m £'m £'m
Assets
Non-current assets
Property, plant and equipment 8 329.7 324.1 - - -
Intangible assets 9 141.0 156.1 - - -
Lease: right of use assets 10 172.8 194.1 - - -
Investments 12.1 7.9 256.7 254.7 252.9
Deferred income tax assets 17.0 19.1 - - -
672.6 701.3 256.7 254.7 252.9
Current assets
Inventories 197.7 179.8 - - -
Trade and other receivables 253.7 277.8 8.7 5.7 5.7
Current tax assets 0.4 - - - -
Derivative financial assets 0.1 3.6 - - -
Cash and cash equivalents 111.9 126.7 - 0.4 0.4
563.8 587.9 8.7 6.1 6.1
Total assets 1,236.4 1,289.2 265.4 260.8 259.0
Equity
Equity attributable to owners of the parent
Ordinary shares 9.0 9.0 9.0 9.0 9.0
Share premium 144.9 144.9 144.9 144.9 144.9
Employee share schemes reserve 9.0 6.8 8.9 6.9 5.1
Foreign currency translation reserve (12.1) (3.0) - - -
Cashflow hedging reserve 2.6 7.4 - - -
Other reserves (30.8) (30.8) 71.0 71.0 71.0
Retained earnings 184.0 176.0 31.6 29.0 29.0
306.6 310.3 265.4 260.8 259.0
Non-controlling interests 10.2 11.2 - - -
Total equity 316.8 321.5 265.4 260.8 259.0
Liabilities
Non-current liabilities
Borrowings 11 213.8 237.8 - - -
Lease liabilities 10 189.1 211.6 - - -
Deferred income tax liabilities 9.6 14.7 - - -
412.5 464.1 - - -
Current liabilities
Borrowings 11 29.4 28.6 - - -
Lease liabilities 10 16.9 15.3 - - -
Trade and other payables 451.9 458.8 - - -
Derivative financial liabilities 3.1 0.2 - - -
Current tax liabilities 5.8 0.7 - - -
507.1 503.6 - - -
Total liabilities 919.6 967.7 - - -
Total equity and liabilities 1,236.4 1,289.2 265.4 260.8 259.0
*The comparative information has been restated as a result of prior year
shared based payments discussed in note 2.
The notes are an integral part of these consolidated financial statements.
S. Murrells CBE M.
Osborne
Director
Director
Hilton Food Group plc - Registered number: 06165540
Consolidated and Company Statement of changes in equity
Attributable to owners of the parent
Share capital Share premium Employee share schemes reserve Foreign currency translation reserve Cashflow hedge reserve Other reserves Retained earnings Total Non-controlling interests Total equity
Group Note £'m £'m £'m £'m £'m £'m £'m £'m £'m £'m
Balance at 1 January 2023 9.0 144.9 5.0 (2.4) 0.8 (30.8) 167.9 294.4 11.0 305.4
Profit for the period - - - - - - 36.4 36.4 1.6 38.0
Currency translation differences - - - (0.6) - - - (0.6) (0.1) (0.7)
Gain on cash flow hedging - - - - 6.6 - - 6.6 0.1 6.7
Total comprehensive income for the period - - - (0.6) 6.6 - 36.4 42.4 1.6 44.0
Transactions with non-controlling interests - - - - - - - - 0.1 0.1
Employee share schemes - value of employee services - - 1.8 - - - - 1.8 - 1.8
Dividends paid 7 - - - - - - (28.3) (28.3) (1.5) (29.8)
Total transactions with owners - - 1.8 - - - (28.3) (26.5) (1.4) (27.9)
Balance at 31 December 2023 9.0 144.9 6.8 (3.0) 7.4 (30.8) 176.0 310.3 11.2 321.5
Profit for the period - - - - - - 39.3 39.3 2.3 41.6
Other comprehensive (expense)/income
Currency translation differences - - - (9.1) - - - (9.1) (0.3) (9.4)
(Loss) on cash flow hedging - - - - (7.8) - - (7.8) - (7.8)
Loss arising on hedging instruments reclassified to profit or loss - - - - 1.4 - - 1.4 - 1.4
Tax on cash flow hedge reserves - - - - 1.6 - - 1.6 - 1.6
Total comprehensive income for the period - - - (9.1) (4.8) - 39.3 25.4 2.0 27.4
Transactions with non-controlling interest - - - - - - (2.1) (2.1) (0.1) (2.2)
Employee share schemes - value of employee services - - 2.0 - - - - 2.0 - 2.0
Tax on employee share schemes - - 0.2 - - - - 0.2 - 0.2
Dividends paid 7 - - - - - - (29.2) (29.2) (2.9) (32.1)
Total transactions with owners - - 2.2 - - - (31.3) (29.1) (3.0) (32.1)
Balance at 29 December 2024 9.0 144.9 9.0 (12.1) 2.6 (30.8) 184.0 306.6 10.2 316.8
Company
Balance at 1 January 2023 9.0 144.9 - - - 71.0 29.0 253.9 - 253.9
Adjustment in respect of employee share schemes 2 - - 5.1 - - - - 5.1 - 5.1
Balance at 1 January 2023 - Restated 9.0 144.9 5.1 - - 71.0 29.0 259.0 - 259.0
Profit for the period - - - - - - 28.3 28.3 - 28.3
Total comprehensive income for the year - - - - - - 28.3 28.3 - 28.3
Adjustment in respect of employee share schemes 2 - - 1.8 - - - - 1.8 - 1.8
Dividends paid 7 - - - - - - (28.3) (28.3) - (28.3)
Total transactions with owners - - 1.8 - - - (28.3) (26.5) - (26.5)
Balance at 31 December 2023 - Restated 9.0 144.9 6.9 - - 71.0 29.0 260.8 - 260.8
Profit for the period - - - - - - 31.8 31.8 - 31.8
Total comprehensive income for the period - - - - - - 31.8 31.8 - 31.8
Employee share schemes - value of employee services - - 2.0 - - - - 2.0 - 2.0
Dividends paid 7 - - - - - - (29.2) (29.2) - (29.2)
Total transactions with owners - - 2.0 - - - (29.2) (27.2) - (27.2)
Balance at 29 December 2024 9.0 144.9 8.9 - - 71.0 31.6 265.4 - 265.4
The notes are an integral part of these consolidated financial statements.
Consolidated and Company Cash flow statements
Group Company
2024 2023 2024 2023
52 weeks 52 weeks 52 weeks 52 weeks
Notes £'m £'m £'m £'m
Cash flows from operating activities
Cash generated from operations 12 183.8 216.1 - -
Interest paid (39.6) (38.1) - -
Income tax paid (19.7) (11.1) - -
Net cash generated from operating activities 124.5 166.9 - -
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired - (0.4) - -
Acquisition of investments (4.4) (1.7) - -
Issue of inter-company loan - - - 0.2
Repayment of inter-company loan - - (3.0) -
Purchases of property, plant and equipment (68.0) (55.4) - -
Proceeds from sale of property, plant and equipment 1.1 0.9 - -
Purchases of intangible assets (6.6) (4.2) - -
Interest received 1.8 0.6 - -
Dividends received - - 31.8 28.3
Dividends received from joint venture 0.6 0.5 - -
Insurance proceeds for property, plant, and equipment 13.2 4.9 - -
Net cash (used in)/generated from investing activities (62.3) (54.8) 28.8 28.5
Cash flows from financing activities
Proceeds from borrowings 13 10.4 11.4 - -
Repayments of borrowings (31.4) (38.3) - -
Payment of lease liability (17.3) (14.6) - -
Transaction with non-controlling interests (2.2) - - -
Dividends paid to owners of the parent (29.2) (28.3) (29.2) (28.3)
Dividends paid to non-controlling interests (2.9) (1.5) - -
Net cash (used in)/generated from financing activities (72.6) (71.3) (29.2) (28.3)
Net (decrease)/increase in cash and cash equivalents (10.4) 40.8 (0.4) 0.2
Cash and cash equivalents at beginning of the year 126.7 87.2 0.4 0.2
Exchange losses on cash and cash equivalents 13 (4.4) (1.3) - -
Cash and cash equivalents at end of the year 111.9 126.7 - 0.4
The notes are an integral part of these consolidated financial statements.
Notes to the financial statements
1 General information
Hilton Food Group plc ('the Company') and its subsidiaries (together 'the
Group') is a leading specialist international food packing business supplying
major international food retailers in fourteen European countries, Australia
and New Zealand. The Company's subsidiaries are listed in a note to the full
financial statements.
The Company is a public company limited by shares incorporated and domiciled
in the UK and registered in England. The address of the registered office is
2-8 The Interchange, Latham Road, Huntingdon, Cambridgeshire PE29 6YE. The
registered number of the Company is 06165540.
The Company maintains a Premium Listing on the London Stock Exchange.
The financial period represents the 52 weeks to 29 December 2024 (prior
financial period 52 weeks to 31 December 2023).
This preliminary announcement was approved for issue on 7 April 2025.
2 Summary of significant accounting policies
The accounting policies are consistent with those of the annual financial
statements for the year ended 31 December 2023.
Basis of preparation
The consolidated and company financial statements of Hilton Food Group plc
have been prepared under the historical cost convention except for certain
financial assets and liabilities measured at fair value and in accordance with
International Accounting Standards in conformity with the requirements of the
Companies Act 2006 and UK-adopted International Accounting Standards.
The consolidated and company financial statements have been prepared on the
going concern basis. The reasons why the Directors consider this basis to be
appropriate are set out in the Performance and financial review.
The financial statements are presented in Sterling and all values are rounded
to the nearest million (£'m) except when otherwise indicated.
The financial information included in this preliminary announcement does not
constitute statutory accounts of the Group for the years ended 29 December
2024 and 31 December 2023 but is derived from those accounts. Statutory
accounts for 2023 have been delivered to the Registrar of Companies and those
for 2024 will be delivered following the Company's Annual General Meeting. The
auditors have reported on those accounts; their reports were (i) unqualified,
(ii) did not include a reference to any matters to which the auditors drew
attention by way of emphasis without qualifying their report, and (iii) did
not contain a statement under section 498(2) or (3) of the Companies Act 2006.
Restatement of prior year share based payments
During the period, a review of the Company accounting for share-based payments
identified that, at the HFG plc entity level, the entries for share-based
payments provided by the Group to employees of subsidiary businesses had not
been appropriately reflected. Previously, share-based payment costs were
recognised only at the consolidated level and not at the HFG plc level.
Specifically, these costs were not recorded as investments with a
corresponding credit to a share-based payment reserve, as required under IFRS
2.
As a result of this review, the following adjustments have been made to the
plc-only financial statements:
Prior year adjustment: The Company balance sheet has recorded a prior year
adjustment. This adjustment involves the recognition of an investment in
Hilton Foods Limited of £6.8m, with a corresponding credit made to the
share-based payment reserve.
In-year adjustment (2024): In addition, during 2024, an in-year investment of
£2.0m (2023: £1.8m) has been recognised in respect of the fair value of
share-based payments provided to employees.
These adjustments ensure that the financial statements of the Company accounts
accurately reflect the economic substance of share-based payments and are
accounting the results correctly under IFRS. There were no other changes in
the accounting treatment of share-based payments during the period.
The following table summarises the impact of the prior period adjustment on
the financial statements:
2024 2023 2 January 2023
Company £'m £'m £'m
Statement of financial position (extract)
Investments 8.90 6.90 5.10
Increase in net assets 8.90 6.90 5.10
The Balance sheet and Statements of change in equity for the Company only has
been adjusted to reflect the changes.
3 Segment information
Management have determined the operating segments based on the reports
reviewed by the Group Directors that are used to make strategic decisions.
The Executive Directors have considered the business from both a geographic
and product perspective.
From a geographic perspective, the Executive Directors consider that the Group
has four operating segments: i) UK & Ireland which comprises the Group's
operations in United Kingdom and Republic of Ireland; ii) Europe which
includes the Group's operations in the Netherlands, Sweden, Denmark, Central
Europe and Portugal; iii) APAC comprising the Group's operations in Australia
and New Zealand; and iv) Central costs.
From a product perspective the Executive Directors consider that the Group has
only one identifiable product, wholesaling of food protein products including
meat, fish and vegetarian. The Executive Directors consider that no further
segmentation is appropriate, as all of the Group's operations are subject to
similar risks and returns and exhibit similar long term financial performance.
The segment information provided to the Executive Directors for the reportable
segments is as follows:
UK & Ireland Europe APAC Central costs UK & Ireland Europe APAC Central costs
2024 2023
Total Total
Group £'m £'m £'m £'m £'m £'m £'m £'m £'m £'m
Total revenue 1,505.2 1,060.9 1,463.4 - 4,029.5 1,389.1 1,061.4 1,614.9 - 4,065.4
Inter-co revenue (39.3) (1.9) - - (41.2) (59.8) (16.1) - - (75.9)
Third party revenue 1,465.9 1,059.0 1,463.4 - 3,988.3 1,329.3 1,045.3 1,614.9 - 3,989.5
Adjusted operating profit/(loss) segment result (see note 16) 50.9 40.8 29.8 (16.8) 104.7 35.5 40.9 30.2 (11.6) 95.0
Amortisation of acquired intangibles (5.1) (4.4) - - (9.5) (5.1) (4.4) - - (9.5)
Adjusting/Exceptional items (1.0) 0.5 - (0.1) (0.6) (1.8) (2.0) - (0.1) (3.9)
Impact of IFRS 16 (0.3) 1.0 3.5 - 4.2 0.6 0.6 3.3 - 4.5
Operating profit/(loss) segment result 44.5 37.9 33.3 (16.9) 98.8 29.2 35.1 33.5 (11.7) 86.1
Finance income - 1.1 0.7 - 1.8 0.1 0.1 0.4 - 0.6
Finance costs (8.3) (12.1) (12.4) (6.8) (39.6) (9.2) (10.5) (13.8) (4.6) (38.1)
Income tax (expense)/credit (8.9) (9.2) (7.2) 5.9 (19.4) (2.7) (4.8) (6.1) 3.0 (10.6)
Profit/(loss) for the period 27.3 17.7 14.4 (17.8) 41.6 17.4 19.9 14.0 (13.3) 38.0
Depreciation, amortisation and impairment 24.4 32.4 31.0 0.5 88.3 23.3 19.6 36.0 0.5 79.4
Additions to non-current assets 40.3 24.9 8.1 1.2 74.5 29.6 21.1 8.3 0.7 59.7
Segment assets 456.9 343.5 371.4 47.2 1,219.0 404.8 397.5 431.7 36.1 1,270.1
Current income tax assets 0.4 -
Deferred income tax assets 17.0 19.1
Total assets 1,236.4 1,289.2
Segment liabilities 209.0 178.9 325.1 191.2 904.2 187.2 199.9 380.6 184.6 952.3
Current income tax liabilities 5.8 0.7
Deferred income tax liabilities 9.6 14.7
Total liabilities 919.6 967.7
Sales between segments are carried out at arm's length.
The Executive Directors assess the performance of each operating segment based
on its operating profit before adjusting/exceptional items and amortisation of
acquired intangibles and also before the impact of IFRS 16 (see note 16).
Operating profit is measured in a manner consistent with that in the income
statement.
The amounts provided to the Executive Directors with respect to total assets
and liabilities are measured in a manner consistent with that of the financial
statements. The assets are allocated based on the operations of the segment
and their physical location. The liabilities are allocated based on the
operations of the segment.
The Group has five principal customers (comprising groups of entities known to
be under common control), Tesco, Ahold Delhaize, Coop Danmark, ICA Gruppen and
Woolworths. These customers are located in the United Kingdom, Netherlands,
Belgium, Republic of Ireland, Sweden, Denmark and Central Europe including
Poland, Czech Republic, Hungary, Slovakia, Latvia, Lithuania and Estonia and
APAC.
Analysis of revenues from external customers and non-current assets are as
follows:
Revenues from external customers Non-current assets excluding deferred tax assets
2024 2023 2024 2023
Group £'m £'m £'m £'m
Analysis by geographical area
United Kingdom - country of domicile 1,360.8 1,265.3 253.4 223.0
Netherlands 492.6 475.8 99.2 117.8
Belgium 14.3 19.0 0.1 0.1
Sweden 271.2 245.2 22.4 24.4
Republic of Ireland 100.6 89.1 14.7 5.2
Denmark 126.2 123.1 15.3 16.2
Central Europe 159.5 154.7 22.1 23.7
APAC 1,463.1 1,617.3 228.4 271.8
3,988.3 3,989.5 655.6 682.2
Analysis by principal customer
Customer 1 1,211.3 1,107.3
Customer 2 356.2 337.8
Customer 3 268.2 243.5
Customer 4 119.4 120.8
Customer 5 1,291.7 1,447.5
Other 741.5 732.6
3,988.3 3,989.5
4 Finance income and finance costs
2024 2023
Group £'m £'m
Finance income
Interest income on short term bank deposits 1.4 0.6
Other interest income 0.4 -
Finance income 1.8 0.6
Finance costs
Bank borrowings (18.9) (20.1)
Interest on lease liabilities (8.6) (8.6)
Customer Provided Supply chain finance interest (9.6) (8.2)
Other interest expense (2.5) (1.2)
Finance costs (39.6) (38.1)
Finance costs - net (37.8) (37.5)
5 Income tax expense
2024 2023
Group £'m £'m
Current income tax
Current tax on profits for the period 22.5 17.1
Adjustments to tax in respect of previous periods (0.7) (0.2)
Total current tax 21.8 16.9
Deferred income tax
Origination and reversal of temporary differences (2.1) (5.8)
Adjustments to tax in respect of previous periods (0.3) (0.5)
Total deferred tax (2.4) (6.3)
Income tax expense 19.4 10.6
Deferred tax charged directly to equity during the period in respect of
employee share schemes amounted to £0.2m (2023: charge £0.03m).
Deferred tax charged directly to the statement of other comprehensive income
during the period in respect of cash flow hedges amounted to £1.6m (2023:
charge £nil).
Factors affecting future tax charges
The Group operates in numerous tax jurisdictions around the world and is
subject to factors that may affect future tax charges including transfer
pricing, tax rate changes and tax legislation changes.
The Group has applied the temporary exception issued by the IASB in May 2023
from the accounting requirements for deferred taxes in IAS 12. Accordingly,
the Group neither recognises nor discloses information about deferred tax
assets and liabilities related to Pillar Two income taxes.
On 20 June 2023, the government of the United Kingdom, where the parent
company is incorporated, enacted the Pillar Two income taxes legislation. The
Group is within the scope of Pillar Two with effect from 1 January 2024 under
UK legislation. Pillar Two legislation has also been enacted in other
jurisdictions where the Group operates and may affect computation of top-up
taxes for those markets. Under the legislation, the Group is required to pay
top-up tax on profits that are taxed at an effective tax rate of less than 15
per cent. The Group's current tax expense (income) related to Pillar Two
income taxes is £nil.
The Group's current tax expense (income) related to Pillar Two income taxes is
£nil.
The tax on the Group's profit before income tax differs from the theoretical
amount that would arise using the standard rate of UK Corporation Tax of 25%
(2023: 23.5%) applied to profits of the consolidated entities as follows:
2024 2023
£'m £'m
Profit before income tax 61.0 48.6
Tax calculated at the standard rate of UK Corporation Tax 25.0% (2023: 23.5%) 15.3 11.4
Effects of:
Expense/(income) not deductible/(taxable) 2.0 (0.2)
Joint venture results received (0.1) (0.1)
Adjustments to tax in respect of previous periods (1.0) (0.7)
Profits taxed at rates other than 25.0% (2023: 23.5%) 0.1 1.3
Impact of change in tax rates 0.2 -
Double tax relief 0.1 -
Derecognition/(recognition) of deferred tax assets 2.3 0.6
Deferred tax recognised in reserves 0.2 -
Non-qualifying depreciation 0.3 (1.7)
Income tax expense 19.4 10.6
Adjustments to tax in respect of prior periods have resulted from changes in
assumptions in respect of deductible expenses and the application of capital
allowances.
6 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to
owners of the parent by the weighted average number of ordinary shares in
issue during the period.
Diluted earnings per share are calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Group has share options for which a calculation
is done to determine the number of shares that could have been acquired at
fair value (determined as the average annual market share price of the Group's
shares) based on the monetary value of the subscription rights attached to
outstanding share options. The number of shares calculated as above is
compared with the number of shares that would have been issued assuming the
exercise of the share options.
2024 2023
Group Basic Diluted Basic Diluted
Profit attributable to owners of the parent (£'m) 39.3 39.3 36.4 36.4
Weighted average number of ordinary shares in issue (millions) 89.7 89.7 89.5 89.5
Adjustment for share options (millions) - 0.9 - 0.9
Adjusted weighted average number of ordinary shares (millions) 89.7 90.6 89.5 90.4
Basic and diluted earnings per share (pence) 43.7 43.3 40.6 40.2
7 Dividends
2024 2023
Group and Company £'m £'m
Final dividend in respect of 2023 paid 23.0p per ordinary share (2023: 22.6p) 20.6 20.2
Interim dividend in respect of 2024 paid 9.6p per ordinary share (2023: 9.0p) 8.6 8.1
Total dividends paid 29.2 28.3
The Directors propose a final dividend of 24.9p (2023: 23.0p) per share
payable on 27 June 2025 to shareholders who are on the register at 30 May
2025. This dividend totalling £22.4m (2023: £20.6m) has not been included as
a liability in these consolidated financial statements in accordance with IAS
10: Events after the reporting period.
8 Property, plant and equipment
Land and buildings (including leasehold improvements) Plant and machinery Fixtures and fittings Motor vehicles Asset under construction Total
Group £'m £'m £'m £'m £'m £'m
Cost
*Restated at 1 January 2023 147.3 580.5 30.1 1.1 - 759.0
Exchange adjustments (0.5) (12.6) (0.3) - - (13.4)
Additions 3.0 51.8 0.5 0.1 - 55.4
Transfers 0.4 (43.9) 7.6 - 34.4 (1.5)
Disposals (0.9) (31.0) (1.9) (0.1) - (33.9)
*Restated at 31 December 2023 149.3 544.8 36.0 1.1 34.4 765.6
Accumulated depreciation and impairment
*Restated at 1 January 2023 51.5 358.3 21.0 0.6 - 431.4
Exchange adjustments (0.6) (5.5) (0.2) - - (6.3)
Charge for the period 7.0 37.3 3.3 0.1 - 47.7
Impairment - 1.2 - - - 1.2
Disposals (0.8) (29.7) (1.9) (0.1) - (32.5)
*Restated at 31 December 2023 57.1 361.6 22.2 0.6 - 441.5
Net book value
*Restated at 1 January 2023 95.8 222.2 9.1 0.5 - 327.6
*Restated at 31 December 2023 92.2 183.2 13.8 0.5 34.4 324.1
Cost
*Restated at 1 January 2024 149.3 544.8 36.0 1.1 34.4 765.6
Exchange adjustments (3.3) (26.1) (1.9) - 0.9 (30.4)
Additions 15.6 10.5 1.2 0.1 40.6 68.0
Transfers 1.7 29.0 5.2 - (36.0) (0.1)
Disposals (5.2) (14.5) (0.5) (0.2) - (20.4)
At 29 December 2024 158.1 543.7 40.0 1.0 39.9 782.7
Accumulated depreciation and impairment
*Restated at 1 January 2024 57.1 361.6 22.2 0.6 - 441.5
Exchange adjustments (1.1) (14.3) (0.9) - - (16.3)
Charge for the period 7.4 35.5 4.1 0.1 - 47.1
Impairment - (0.4) - - 0.4 -
Transfers - 1.8 (1.8) - - -
Disposals (5.1) (13.7) (0.4) (0.1) - (19.3)
At 29 December 2024 58.3 370.5 23.2 0.6 0.4 453.0
Net book value
At 29 December 2024 99.8 173.2 16.8 0.4 39.5 329.7
*The prior year amounts as at 1 January 2024 have been restated for both cost
and accumulated depreciation to take account of errors identified and to
disclose assets under construction as a separate category. There is no prior
year impact on net book value.
9 Intangible assets
Computer software Brand and customer relationships Asset under construction Goodwill Total
Group £'m £'m £'m £'m £'m
Cost
*Restated at 1 January 2023 24.7 78.9 - 82.5 186.1
Exchange adjustments (0.4) - - - (0.4)
Acquisition - 0.3 - 1.3 1.6
Additions 4.2 - - - 4.2
Transfers (3.1) - 4.6 - 1.5
*Restated at 31 December 2023 25.4 79.2 4.6 83.8 193.0
Accumulated amortisation and impairment
*Restated at 1 January 2023 9.2 16.4 - - 25.6
Exchange adjustments (0.2) - - - (0.2)
Charge for the period 2.5 8.3 - - 10.8
Impairment 0.7 - - - 0.7
*Restated at 31 December 2023 12.2 24.7 - - 36.9
Net book value
*Restated at 1 January 2023 15.5 62.5 - 82.5 160.5
*Restated at 31 December 2023 13.2 54.5 4.6 83.8 156.1
Cost
*Restated at 1 January 2024 25.4 79.2 4.6 83.8 193.0
Exchange adjustments (1.1) (0.7) - (0.5) (2.3)
Additions 2.6 - 3.9 - 6.5
Transfers 1.2 - (0.6) (0.5) 0.1
At 29 December 2024 28.1 78.5 7.9 82.8 197.3
Accumulated amortisation and impairment
*Restated at 1 January 2024 12.2 24.7 - - 36.9
Exchange adjustments (0.8) (0.2) - - (1.0)
Charge for the period 2.5 8.1 - - 10.6
Impairment - - - 9.8 9.8
At 29 December 2024 13.9 32.6 - 9.8 56.3
Net book value
At 29 December 2024 14.2 45.9 7.9 73.0 141.0
*The prior year amounts as at 1 January 2024 have been restated for both cost
and accumulated amortisation to take account of errors identified and to
disclose assets under construction as a separate category. There is no prior
year impact on net book value.
Adjusted amortisation charges are included within administrative expenses in
the income statement.
Goodwill Impairment Testing
The goodwill generated as a result of major acquisitions represents the
premium paid in excess of the fair value of all net assets, including
intangible assets, identified at the point of acquisition. The carrying value
of goodwill includes a premium paid in order to secure shareholder agreement
to the business combination, that is less than the value that the Directors
believed could be added to the acquired businesses.
In the prior year goodwill was monitored for impairment at the cash generating
unit ("CGU") level. During the current year, in order to better align with the
way the Board monitors the performance of the group, goodwill has been
monitored at the level of a group of CGUs consistent with the operating
segments in the business. This excludes the Dalco CGU which has continued to
be monitored separately due to the distinct market and customer model under
which it operates.
Goodwill by segment includes UK&I £55.1m and Europe £17.6m (excluding
Dalco). Goodwill for the Dalco CGU has been reduced to nil in the current
period.
The Group tests goodwill annually or more frequently if there are indications
that goodwill might be impaired. In accordance with IAS 36: Impairment of
Assets, the Group assesses goodwill based on the recoverable amount of the
CGU, or group of CGUs. Recoverable amount was calculated based on
value-in-use, which is estimated using a discounted cash flow model. For each
group of CGUs tested at a segment level the calculated recoverable amounts
exceeded their carrying value and no impairment was indicated. For the Dalco
CGU, the recoverable amount was lower than the carrying value, resulting in an
impairment charge of £9.8m recognised for the full value of the goodwill.
The key assumptions used in the calculations are projected EBITDA, the pre-tax
and post-tax discount rates and the growth rates used to extrapolate cash
flows beyond the projected period. EBITDA and profit before tax are based on
one-year budgets approved by the Board and longer term, five year, projections
based on past experience adjusted to take account of the impact of expected
changes to sales prices, volumes, business mix and margin. Cash flows are
discounted at a pre-tax discount rate of 11.9%-12.1% (2023: 9.3%-13.4%)
depending on the segment with a growth rate of 1.5%-2% (2023: 2%-8%) used to
extrapolate cash flows. Discount rates and growth rates are calculated with
reference to external benchmarks and where relevant past experience.
Goodwill Impairment
An impairment loss of £9.8 million has been recognised in 2024 on the
goodwill allocated to Dalco, following a comprehensive review of the asset's
recoverable amount. Under IAS 36 - Impairment of Assets, the company compares
the carrying amount of goodwill with its recoverable amount, defined as the
higher of fair value less costs to sell or value in use. Detailed impairment
testing indicated that the estimated future cash flows from the related assets
no longer support the previously recorded value when calculated at value in
use. The impairment to goodwill is primarily driven by changes in market
conditions in the vegan and vegetarian market and an ongoing reorganisation of
the business which has necessitated a reassessment of operational strategies
and cost structures.
Prior to recognising this impairment loss, the carrying amount of goodwill was
£9.8 million. Following the impairment, the entire goodwill has been written
off, ensuring that the balance sheet accurately reflects the fair value of the
company's assets.
The impairment test involved significant management judgment and the
application of key assumptions such as a pre-tax discount rate of 12.1% (2023:
9.3%), and a long-term growth rate of 2% (2023: 2%).
Sensitivity to changes in assumptions
No sensitivity analysis has been undertaken for the UK&I or Europe
Segments as there is no reasonably possible change in key assumptions that
could result in an impairment.
Sensitivity analysis has been carried out on Dalco and a reasonably possible
change in key assumptions in isolation or in combination may lead to an
increase in the impairment. A change in the pre-tax discount rate from 12.1%
to 12.6% would result in an increase in the impairment charge of £1.3m. A
change in the long-term growth rate from 2% to 1% would result in an increase
in the impairment charge of £1.7m. A 5% reduction in volume growth rates, and
total cash flows, would result in an increase in the impairment charge of
£6.9m and £1.3m respectively. Any additional impairment charge arising would
be allocated to the other assets within the Dalco CGU on a pro rata basis.
10 Leases
(i) Amounts recognised in the balance sheet
The balance sheet includes the following amounts relating to leases:
Lease: right of use assets Land & Buildings Equipment Vehicles Total
Group £'m £'m £'m £'m
Opening net book amount as at 1 January 2023 206.3 7.8 2.5 216.6
Exchange Adjustments (9.7) (0.1) - (9.8)
Additions - 4.1 1.0 5.1
Reclassification 4.0 (2.6) (1.4) -
Remeasurements, reclassification and scope changes 1.0 0.2 - 1.2
Depreciation (16.1) (2.2) (0.7) (19.0)
Closing net book amount at 31 December 2023 185.5 7.2 1.4 194.1
Exchange Adjustments (13.6) (0.2) (0.1) (13.9)
Additions 8.8 4.7 1.4 14.9
Remeasurements, reclassification and scope changes 1.8 0.9 0.2 2.9
Depreciation (16.7) (3.3) (0.8) (20.8)
Disposals (3.9) (0.4) (0.1) (4.4)
Closing net book amount at 29 December 2024 161.9 8.9 2.0 172.8
Lease liabilities 2024 2023
Group £'m £'m
Current 16.9 15.3
Non-current 189.1 211.6
206.0 226.9
Maturity analysis - contractual undiscounted cash flows 2024 2023
Group £'m £'m
Less than one year 24.5 22.9
One to five years 81.0 80.5
More than five years 164.4 198.4
Total lease liabilities 269.9 301.8
(ii) Amounts recognised in the consolidated income statement
The income statement shows the following amounts related to leases:
Depreciation charge on right-of-use assets 2024 2023
Group £'m £'m
Buildings 16.7 16.1
Plant & equipment 3.3 2.2
Vehicles 0.8 0.7
20.8 19.0
Interest expenses (included in finance costs) 8.6 8.5
Expenses relating to short-term leases (included in costs of goods sold and 0.1 1.1
administrative expenses)
The total cash outflow for leases in 2024 was £25.9m (2023: £22.7m).
Variable Lease Payments
Leases with liabilities recognised of £8.6m (2023: £9.0m), accounting for
4.2% (2023: 3.7%) of total lease liabilities, are subject to five yearly RPI
linked rent reviews. These rent reviews are subject to a minimum collar, the
impact of which is included in the calculation of lease liabilities and a
maximum cap. If the impact of these variable lease payments had been
recognised, applying index levels as at 30 December 2024, lease liabilities
would have increased by 2024: £5.0m (2023: £5.6m).
In addition, leases with liabilities recognised totalling £2.8m (2023:
£3.6m), accounting for 1.3% (2023: 1.5%) of total lease liabilities, are
subject to annual CPI linked rent increases. If the impact of these variable
lease payments had been recognised, applying index levels as at 29 December
2024, lease liabilities would have increased by £ 0.0m (2022: £0.3m).
11 Borrowings
2024 2023
Group £'m £'m
Current
Bank overdraft 4.0 2.8
Bank borrowings 25.5 25.8
29.5 28.6
Non-current
Bank borrowings 213.8 237.8
Total borrowings 243.3 266.4
Due to the frequent re-pricing dates of the Group's loans, the fair value of
current and non-current borrowings is approximate to their carrying amount.
The carrying amounts of the Group's borrowings are denominated in the
following currencies:
2024 2023
Currency £'m £'m
UK Pound 146.3 83.2
Euro 28.8 82.6
Polish Zloty 5.0 7.8
Australian Dollar 51.1 73.5
New Zealand Dollar 12.1 19.3
243.3 266.4
Bank borrowings are repayable in quarterly instalments from 2025 - 2027 with
interest charged at SONIA (or equivalent benchmark rates) plus 1.95% - 2.10%.
Bank borrowings are subject to joint and several guarantees from each active
Group undertaking.
The Group has undrawn committed loan facilities of £108m (2023: £109m) which
run to January 2027. The Group has modelled a reasonably possible downside
scenario against future cash forecasts and throughout this scenario the Group
would not breach any of the revised financial covenants and would not require
any additional sources of financing.
The undiscounted contractual maturity profile of the Group's borrowings is
described in a note to the full financial statements.
Group net debt is analysed as per note 13.
12 Cash generated from operations
2024 2023
Group £'m £'m
Profit before income tax 61.0 48.6
Finance costs - net 37.8 37.5
Operating profit 98.8 86.1
Adjustments for non-cash items:
Share of post-tax profits of joint venture (0.4) (0.6)
Depreciation of property, plant and equipment 47.1 47.7
Depreciation of leased assets 20.8 19.0
Impairment of property, plant and equipment - 1.2
Impairment of intangible asset 9.8 0.7
Insurance proceeds adjustments for property, plant, and equipment (13.2) (4.9)
Amortisation of intangible assets 10.6 10.8
Gain on disposal of fixed assets 0.1 (0.1)
Adjustment in respect of employee share schemes 2.0 1.9
Changes in working capital:
Inventories (18.0) 22.8
Trade and other receivables 24.2 (14.9)
Trade and other payables (7.0) 46.4
Net exchange differences 9.0 -
Cash generated from operations 183.8 216.1
The Company has no operating cash flows.
13 Analysis and movement in net debt
This section sets out an analysis of net debt and the movements in net debt
for each of the periods presented.
2024 2023
Group £'m £'m
Cash and cash equivalents 111.9 126.7
Borrowings (including overdrafts) (243.3) (266.4)
Net bank debt (131.4) (139.7)
Lease liabilities (206.0) (226.9)
Net debt (337.4) (366.6)
Cash/other financial assets Borrowings (including overdrafts) Net bank debt Lease liabilities Net debt
Net debt reconciliation £'m £'m £'m £'m £'m
At 1 January 2023 87.2 (298.8) (211.6) (246.2) (457.8)
Cash flows 40.8 26.9 67.7 14.6 82.3
Lease additions - - - (5.1) (5.1)
Exchange adjustments (1.3) 5.5 4.2 9.8 14.0
At 31 December 2023 126.7 (266.4) (139.7) (226.9) (366.6)
Cash flows (10.4) 21.0 10.6 17.5 28.1
Lease additions - - - (13.4) (13.4)
Exchange adjustments (4.4) 2.1 (2.3) 16.8 14.5
At 29 December 2024 111.9 (243.3) (131.4) (206.0) (337.4)
14 Post balance sheet events
On 6 March 2025, Hilton Food Group plc announced it had entered into a 10-year
joint venture with The National Agricultural Development Company (NADEC) in
Saudi Arabia, marking its entry into the Middle East. Hilton Foods will hold a
49% stake and invest approximately £6.5 million (49% of SAR 60 million) in
developing new meat processing and packaging facilities.
15 Related party transactions and ultimate controlling party
The companies noted below are all deemed to be related parties by way of
common Directors.
Sales and purchases made on an arm's length basis on normal credit terms to
related parties during the period were as follows:
Group 2024 2023
Sales £'m £'m
Sohi Meat Solutions Distribuicao de Carnes SA - fee for services 3.7 3.4
Sohi Meat Solutions Distribuicao de Carnes SA - recharge of joint venture 0.7 0.5
costs
Agito Holdings Limited - 0.2
Group 2024 2023
Purchases £'m £'m
Agito Holdings Limited 9.2 6.2
Amounts owing from related parties at the year end were as follows:
Owed from related parties
2024 2023
Group £'m £'m
Agito Holdings Limited 3.0 1.9
Sohi Meat Solutions Distribuicao de Carnes SA 3.9 1.6
Sphere Design Limited - 0.2
Cellular Agriculture Ltd - 0.4
6.9 4.1
Amounts owing to related parties at the year end were as follows:
Owed to related parties
2024 2023
Group £'m £'m
Agito Holdings Limited 1.0 0.4
Sohi Meat Solutions Distribuicao de Carnes SA 0.5 0.1
1.5 0.5
16 Alternative Performance Measures
The Group's performance is assessed using a number of alternative performance
measures (APMs) that are not required or defined under IFRS.
The Group considers adjusted results to be an important measure used to
monitor how the Group is performing as they achieve consistency and
comparability between reporting periods and management believe they provide
useful additional information about the Group's performance and trends to
stakeholders.
These measures are consistent with those used internally and are considered
important to understanding the financial performance and financial health of
the Group.
The Group's alternative performance measures are presented before other
adjusting/exceptional items, amortisation of certain intangible assets and
depreciation of fair value adjustments made to property, plant and equipment
acquired through business combinations and the impact of IFRS 16 - Leases.
Adjusted performance measures are reconciled to unadjusted IFRS results on the
face of the income statement below with other APMs used by the Group defined
in the subsequent glossary.
52 weeks ended 52 weeks ended
29 December 31 December
2024 2023
£'m £'m
Operating profit 98.8 86.1
Add back IFRS 16 depreciation 20.6 18.9
Less: IAS 17 lease accounting (24.8) (23.4)
Add back: Amortisation of acquired intangibles and fair value adjustments 9.5 9.5
Other adjusting/exceptional items:
Costs related to the Belgium fire(1) (0.6) 7.7
Insurance proceeds(2) (13.2) (9.8)
Restructuring costs(3) 4.2 4.0
Impairment(4) 10.2 2.0
Adjusting items 5.9 8.9
Adjusted operating profit 104.7 95.0
Profit before tax 61.0 48.6
Adjustment to operating profit as above 5.9 8.9
Add back: IFRS 16 interest 8.6 8.5
Other adjusting/exceptional items:
Costs relating to the Belgium fire(1) 0.6 -
Adjusting items 15.1 17.4
Adjusted PBT 76.1 66.0
Profit attributable to share holders 39.3 36.4
Adjustments to PBT 15.1 17.4
Tax effect of adjustments to PBT 0.5 (6.6)
Impact on non-controlling interest of adjustments to PBT (0.2) -
Adjusting items 15.4 10.8
Adjusted profit attributable to members of the parent 54.7 47.2
Adjusted earnings per share
Basic 61.0 52.8
Diluted 60.4 52.2
52 weeks ended 52 weeks ended
29 December 31 December
2024 2023
£'m £'m
Operating profit 98.8 86.1
Add back: Depreciation, amortisation and impairment 88.3 79.4
EBITDA 187.1 165.5
Add back: IFRS 16 lease accounting (0.1) -
Less: IAS 17 lease accounting (24.8) (23.4)
Other adjusting/exceptional items:
Costs related to the Belgium fire(1) (0.6) 7.7
Insurance proceeds(2) (13.2) (9.8)
Restructuring costs(3) 4.2 4.0
Adjusting items (34.5) (21.5)
Adjusted EBITDA 152.6 144.0
52 weeks ended 52 weeks ended
29 December 31 December
2024 2023
£'m £'m
Net cash generated from operating activities 124.5 166.9
Net cash used in investing activities (62.3) (54.8)
Free cash flow 62.2 112.1
Add back:
Other investments 4.4 2.1
Dividends received from joint venture (0.6) (0.5)
Belgium fire (0.6) 7.7
Belgium fire interest 0.6 -
Insurance proceeds (13.2) (9.8)
Restructuring costs 4.2 4.0
Less IAS 17 lease accounting (24.8) (23.4)
IFRS 16 interest 8.6 8.5
IFRS 16 working capital adjustment (1.1) -
Adjusting items (22.5) (11.4)
39.7 100.7
Add back: Canada growth capex 5.7 -
Adjusted free cash flow 45.4 100.7
Segmental operating profit reconciles to adjusted segmental operating profit
as follows:
UK&I Europe APAC Central Total
52 weeks end 29 December 2024 £'m £'m £'m £'m £'m
Operating profit 44.5 37.9 33.3 (16.9) 98.8
Add back IFRS 16 depreciation 3.5 6.5 10.5 0.1 20.6
Less: IAS 17 lease accounting (3.2) (7.5) (14.0) (0.1) (24.8)
Add back: Amortisation of acquired intangibles and fair value adjustments 5.1 4.4 - - 9.5
Other adjusting/exceptional items:
Costs related to the Belgium fire(1) - (0.6) - - (0.6)
Insurance proceeds(2) - (13.2) - - (13.2)
Restructuring costs(3) 1.0 3.1 - 0.1 4.2
Impairment(4) - 10.2 - - 10.2
Adjusting items 6.4 2.9 (3.5) 0.1 5.9
Adjusted operating profit 50.9 40.8 29.8 (16.8) 104.7
UK&I Europe APAC Central Total
52 weeks end 31 December 2023 £'m £'m £'m £'m £'m
Operating profit 29.2 35.1 33.5 (11.7) 86.1
Add back IFRS 16 depreciation 3.2 4.1 11.5 0.1 18.9
Less: IAS 17 lease accounting (3.8) (4.7) (14.8) (0.1) (23.4)
Add back: Amortisation of acquired intangibles and fair value adjustments 5.1 4.4 - - 9.5
Costs related to the Belgium fire(1) - 7.7 - - 7.7
Insurance proceeds(2) - (9.8) - - (9.8)
Restructuring costs(3) 1.8 2.1 - 0.1 4.0
Dalco Impairment(4) - 2.0 - - 2.0
Adjusting items 6.3 5.8 (3.3) 0.1 8.9
Adjusted operating profit 35.5 40.9 30.2 (11.6) 95.0
Other adjusting/exceptional items
(1)Fire in Belgium
In June 2021, the Group's facility in Belgium suffered an extensive fire. A
provision was established to account for the anticipated costs in customer
settlements and related costs. Following the resolution of the outstanding
balance, a surplus of £0.6 million has been recognised. This amount is
classified as an adjusting/exceptional item, consistent with the original
treatment. Legal claims have been made against the Group in connection with
the fire; however, at the year end, the Group considers the likelihood of
incurring financial liabilities as a result of them is remote following
consultation with our solicitors.
(2)Insurance proceeds
In December 2023, the Group received an interim insurance payment of £9.8m
related to the fire insurance claim. A final insurance payment of £13.2m was
received in July 2024 in respect of property damage and business interruption,
making the entire insurance proceeds received £23m. An exceptional tax of
£4.9m charge has been recognised in respect to the insurance proceeds.
(3)Restructuring costs
During the period, other adjusting/exceptional restructuring costs of £4.2m
(2023: £4.0m) have been recognised by the Group. These costs resulted from
ongoing efficiency, inventory write-off and restructuring programs resulting
in redundancies at a number of facilities operated by the Group. An
exceptional tax credit of £0.8m has been recognised in respect of these
costs. An exceptional tax credit of £1.2m has been recognised in respect of
the reorganisation costs.
( )
(4)Impairment
An impairment loss of £9.8m on goodwill has been recognised in 2024
reflecting a reduction in the recoverable amount of the related assets. The
reduction in goodwill is primarily due to changes in market conditions and the
impact of the ongoing reorganisation of the business, which have affected the
expected future cash flows. Following this impairment, the carrying value of
goodwill has been reduced from £9.8m to £3.4m. The adjustment has been made
in line with the requirements of IAS 36 - Impairment of Assets, ensuring that
the balance sheet reflects the accurate and fair value of the Group's assets.
An additional impairment value of £0.4m (2023: £1.2m) has been taken in
respect of property, plant and equipment.
Glossary
Alternative Performance Measures
In the reporting of financial information, the Group uses certain measures
that are not required under IFRS. These additional measures (commonly referred
to as APMs) provide additional information on the performance of the business
and trends to stakeholders. These measures are consistent with those used
internally and are considered important to understanding the financial
performance and financial health of the Group. APMs are considered to be an
important measure to monitor how the businesses are performing because this
provides a meaningful comparison of how the business is managed and measured
on a day-to-day basis and achieves consistency and comparability between
reporting periods.
These APMs may not be directly comparable with similarly titled measures
reported by other companies and they are not intended to be a substitute for,
or superior to, IFRS measures.
APM Definition and purpose
Constant currency The Group uses GBP based constant currency models to measure performance.
These are calculated by applying 2024 52 weeks average exchange rates to local
currency reported results for the current and prior periods. This gives a GBP
denominated Income Statement which excludes any variances attributable to
foreign exchange rate movements.
Free cash flow Free cash flow represents cash generated from operating activities less cash
flows from investing activities.
This measure provides additional useful information in respect of cash
generation and is consistent with how business performance is measured
internally.
Adjusted free cash flow Adjusted free cash flow represents cash generated from operating activities
less cash flows from investing activities excluding other
adjusting/exceptional items, amortisation of certain intangible assets and
depreciation of fair value adjustments made to property, plant and equipment
acquired through business combinations and the impact of IFRS 16 - leases.
Net bank debt Net bank debt represents borrowings excluding lease liabilities less cash
equivalents.
Net bank debt is one measure that could be used to indicate the strength of
the Group's Balance Sheet position and is a useful measure of the indebtedness
of the Group.
Adjusted net finance costs Adjusted net finance costs represents finance costs excluding exceptional
items and lease interest.
Net finance costs is borrowing costs and other costs that are incurred in
connection with the borrowing of funds less interest received from banks for
the deposit of funds.
Adjusted taxation charge Taxation charge excluding adjusting items. Adjusting measures are reconciled
to statutory measures by removing adjusting items, the nature of which are
disclosed in note 16.
Effective adjusted tax rate The income tax charge for the Group excluding adjusting tax items, and the tax
impact of adjusting items, divided by adjusted profit before tax. This measure
is a useful indicator of the ongoing tax rate for the Group.
Return on capital employed (ROCE) Annualised 12 month adjusted operating profit divided by average opening and
closing capital employed representing total equity adjusted for net bank
cash/debt, leases, derivatives and deferred tax.
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