Hilton Food Group plc, a UK based food packing company and proteins supplier, has published its interim results for the 28 weeks to 16th July 2023, reporting strong operational progress and a “robust” financial performance.
The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the 28 weeks to 16th July 2023 was £67.5 million, a 1.3% increase from the same period a year prior. Its total volume was 272,321 tonnes, up 0.2% from the 28 weeks to 17th July 2022. IFRS EBITDA sat at £72.3 million, a £400,000 increase from the 2022 IFRS EBITDA.
While the total revenue for the company stood at £2,123.1 million, the operating profit was £30.6 million (down 0.6%) while the adjusted operating profit was £41.8 million, a 1.4% increase from the same period in 2022.
The operating segment of £12.8 million profit covers the Hilton Foods businesses and joint ventures in the UK and Ireland including meat processing facilities in Huntingdon, fish facilities in Grimsby and the Fairfax Meadow food service business, which it acquired in 2021. The results highlight that Fairfax Meadow continues to grow revenues and win new business as it expands.
Steve Murrells, Hilton Foods CEO, said: “I am pleased, in my first set of results as Hilton Food’s CEO, to show delivery of a robust performance against a challenging economic backdrop. Our core meat business has continued to perform strongly and we are pleased with the continued recovery in seafood. At the same time, we continue to make progress in our ESG strategy, including delivering packaging innovation to reduce plastic usage and setting more ambitious science-based targets.
“I joined Hilton because it is an exciting business with great people, real expertise in producing high-quality food products that consumers want and is a trusted partner to retailers around the world. As I look ahead, I am confident in the opportunities we have to grow, building on our existing partnerships and forging new ones, based on our unique multi-category protein offer.”
Hilton Food Group continues to progress
Hilton Food Group stressed that following a “challenging” 2022, its UK seafood business is recovering well, and the company boasts strong cost recovery plans reportedly delivering improvements to financial performance. This is being led by a new management team working to improve the company finances.
The company also highlights the launch of a new food park in Q3 2023 following a retail partnership with ICA, and states that it intends to continue developing and applying automation, robotics and technology services with its supply chain service.
In terms of ESG commitments, the results show that Hilton continues to progress, submitting more ambitious ‘science-based’ targets. It also states that retail partners in the UK, Netherlands and Sweden have rolled out new mince packaging, which reduces plastic by 70% and has saved a reported 690 tonnes of plastic.