Hilton Foods sees continued growth
Meat packing firm Hilton Food Group has reported “good progress in a number of markets”.
In a trading update from 3 January 2016, ahead of its annual general meeting held yesterday (Wednesday 25 January 2016), the business said the group’s performance had been in line with expectations. “We have continued to grow by developing the business in existing markets and also through our geographic diversification.”
Hilton Foods said volumes in the UK continued to grow relative to last year, while good progress was made in several markets in Western Europe.
Meanwhile, the Irish business “has also continued to show encouraging signs, with growth in the first quarter and in the Dutch market we have seen steady volume growth”.
In Sweden, volumes were flat although turnover saw an increase, “reflecting the availability and price of Swedish pork”. The group said it had been able to continue to deliver cost savings that have arisen from the recent re-equipping of the production facilities.
Conditions in Denmark have “remained challenging” whereas Central Europe has seen “steady volume growth”.
Outside Europe, the volume build-up in Australia continued from a new joint trailer in Victoria in line with an agreed plan to supply to stores in Victoria, Southern Australia and Tasmania.
“The group’s financial position remains strong, underpinned by good operating cash flows,” said the firm. “Hilton continues to explore opportunities to grow the business in both domestic and overseas markets.”
The business expects to release its interim results for the 28 weeks ended 17 July 2016 on 13 September 2016.
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