Hilton Food reports business as expected
Hilton Food Group has said trading is “in line with expectations” in a statement for the year ending 28 December 2014, despite European markets being “subdued”.
The meat packing business said it was processing higher volumes at its UK and Netherlands sites, with primary material prices at both the main driver for growth. However, this was partly offset by “weak demand” in Ireland, where the company has struggled more than in other European countries.
Central Europe remained a “competitive market” for Hilton, but growth was reported in Poland. The company said trade here was continually affected by “the impact of foreign exchange translation and lower raw material costs”.
Hilton’s joint venture with Australian retailer Woolworths, which contributed to high revenues in 2013, is making good progress. With the Bunbury site complete, Hilton will turn its focus to the Victoria processing site, which was due to open in the first quarter of this year, but will now open in the third.
“The group’s financial position remains strong, leaving us well positioned for future expansion and we remain well-placed to deliver continued growth over the medium term and will continue to explore further opportunities to develop our business in both domestic and overseas markets,” Hilton said in a statement.
The group intends to publish its full-year results on 25 March 2015.
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