Tesco contract pushes up volumes for Hilton Food Group
Specialist retail meat packing business Hilton Food Group saw volumes in Western Europe up 5.4% for the 28 weeks to 13 July 2014, predominantly due to its new contract with Tesco.
In its interim results, published today (9 September), the Group said that, in Western Europe, operating profit grew from £14.6m last year, to £14.8m, while turnover rose from £543.5m to £545.8m.
Hilton Food Group said that although consumer spending continued to be weak, volumes held up in the UK due to the start of its contract with Tesco.
It added that major capital expenditure programmes were currently under way in the UK, with its Huntingdon site to be modernised and extended in order to service the new Tesco contract.
The group achieved an overall profit after tax increase of 1.8% to £10.2m. Volumes rose 4.25%, compared to the same period last year, reaching 121,832 tonnes. Operating profit increased 1.1% to £13.6m, but turnover dipped 0.3% to £592.3m.
Robert Watson, chief executive of Hilton Food Group, said: “During the year we are progressing a major expansion of our UK facilities, the re-equipment of our facilities in Sweden and the development of a new facility in Victoria, Australia.
“Our aim is to extend the geographic reach of the Hilton model and we continue to look for new opportunities,” added Watson.
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- operating profit
- food group
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- new contract
- western europe
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