REG - Hilton Food Grp Plc - Trading Update

Hilton FoodAnnouncement

07/11/2023 07:00

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RNS Number : 5377S  Hilton Food Group PLC  07 November 2023

 

 

 

 

 

 

7(th) November 2023

 

Hilton Food Group plc

 

TRADING UPDATE

 

Hilton Food Group plc ("Hilton Foods" or the "Group"), the leading
international multi-protein food business, today announces a Q3 trading update
for the period from 16 July 2023 to 29(th) October 2023.

 

Trading

 

The robust financial performance and strong operational progress seen in the
first half of the year has continued into the third quarter, with trading in
line with the Board's expectations.  Revenue in the period is ahead of the
prior year, which includes the continued impact of raw material price
increases, while also reflecting the continued strong performance in APAC,
strength in our core meat category, and the benefits of a full year of trading
of Foppen following its acquisition in 2022.

 

·    In APAC we have continued to see strong volume and revenue growth
from the three facilities we operate in Australia and our multi-protein food
park in New Zealand.

 

·  The turnaround of our UK Seafood business continues to deliver against
our operating performance targets with the business delivering operating
profitability in Q3 and also on track to do so for the full year. In the wider
UK & Ireland business, in Q3 we have delivered revenue and volume growth
compared to the prior year.

 

·    In Europe, revenue is ahead of the same period in the previous year
benefitting from continued growth in our Foppen business and our Central
European convenience food business. Our Swedish food park commenced production
of a range of convenience products for our customer ICA in September - which
have been well-received at this early stage.  We are also on track with the
rationalisation and end-to-end review of our vegetarian and vegan business
Dalco.

 

·   Our technology and services businesses, Foods Connected and Agito,
continue to perform well and differentiate the Hilton offer. They continue to
support the Group's core businesses and have contributed to adding new
customers in the period, with Agito also playing a key role in the delivery of
the Group's UK strategic automation programme.

 

Our Sustainable Protein Plan underpins the Group's strategy with ambitious
targets across each of its core pillars of People, Planet and Product
including our more ambitious Science Based Targets across Scope 1, 2 and 3
emissions, aligned to a 1.5◦C pathway, that were submitted for validation in
August.

 

Outlook

 

Hilton Foods continues to trade in line with Board expectations.  The Group's
financial position remains strong with leverage at comfortable levels.

 

In September we were delighted to be able to announce our long-term supply
agreement with Walmart in Canada. This demonstrates the strength of Hilton's
highly automated supply chain offer and we are working closely with our new
retail partner to plan for the start of the development of our new
multi-protein facility with production targeted for 2026.

 

Our industry leading technology and outstanding multi-category food products
provide us with a strong platform for sustained growth and we continue to
explore opportunities in our existing and new markets as we deliver on our
strategy of becoming the international protein partner of choice.

 

In a separate announcement, Hilton Foods has announced that it is today
hosting an Analyst and Investor Day at its Hilton Foods UK production facility
in Huntingdon.

 

The Group expects to announce the publication date for its results for the 52
weeks ending on 31(st) December 2023 in its January Trading Update on 11(th)
January 2024.

 

 

For further information please contact:

 

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

 Matt Osborne, Chief Financial Officer

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

 

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