Revenue up 9.1% at Hilton Food Group
Hilton Food Group announced a 9.1% increase in revenue this year, along with a 2% increase in volume growth.
The company attributed its financial success to new ventures in Australia, a new production line in Denmark and continued growth in the UK. However, it acknowledged this was offset by weak demand in Ireland where it has not yet resumed growth.
“I am pleased to report that, in 2013, Hilton made excellent progress in terms of implementing its future growth strategy, including the further development of our Australian joint venture and the new UK contract with Tesco. The group has maintained a high level of investment in its meat packing facilities across Europe, while realising the available opportunities to progressively and profitably expand its business. The strategic progress made during 2013 illustrates well the continued relevance and international transferability of Hilton’s business model,” commented Robert Watson, chief executive.
The firm also announced a 2.4% increase in profit for the year, which in 2013 was £19.4m. However, operating profit was down 0.7% at £25.8m.
In August 2013 Woolworths announced the construction of a new retail packed meat facility, near Melbourne in Victoria, due to commence production in 2015, which will be operated by its joint venture company. The firm is also hoping that a five-year long-term supply agreement with Tesco – which is expected to substantially increase Hilton’s UK volumes – will contribute to growth in 2014.
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