Hilton’s position remains strong
Meat packing company Hilton Food Group has said that its financial position remains strong and that, despite challenging conditions for the consumer in some markets, it has continued to benefit from geographical diversity.
In an interim management statement released ahead of the AGM today, the company said that progress had been good in Western Europe in the period from 1 January 2012 to date, and had delivered turnover growth. It confirmed that it would continue to explore opportunities to grow the business in both domestic and overseas markets.
The statement said: “Our newest facility in Denmark is progressing well, and we have now started to roll-out the new robotic store order picking facility. Growth in turnover has been modest in Sweden, where the economy has slowed down, and Ireland has delivered a solid performance. Our business in Central Europe, where Hilton supplies customers in seven countries, has continued to perform well.”
It reported that trading had been in line with the board’s expectation and that there were no significant changes to its position since the financial year end.
Although underlying volumes were slightly reduced in 2011, due to pressure on consumer spending levels and increased meat prices, the company’s revenues for 2011 grew by 13.6% to £981.3m, with operating profits up 11% to £25.9m, and net debt marginally increased to £18.7m, partly as a result of capital expenditure of £25.2m, with £14.6m being spent on the new Danish business.