Proteins producer Hilton Food Group Plc has announced its interim results for the 26 weeks to 30th June 2024, with its seafood business “underpinning profit growth” in the UK and Ireland.
The company recorded a volume increase of 3.2% with revenue up by 1% on a like-for-like basis. Its statutory basis revenue was down 8.4% to £1.94 billion.
Adjusted operating profit increased on a like-for-like basis to hit £46.9 million, up 23.2%. Statutory operating was up by 42.3%, and Hilton highlighted that it was a “highly cash generative business” as free cash flow was reported to be £34.7 million.
Hilton said its seafood business had “continued to improve” as it “underpinned profit growth” in the UK & Ireland, while it committed to sustainability across all areas of its business, with a focus on packaging.
Outlook
Hilton said it was “well-positioned” and would continue to trade in line with expectations for the full year. The Group said it had maintained a “strong financial position” as it continued to invest in its strategic priorities while “exploring further growth opportunities”.
Steve Murrells CBE, Hilton Foods CEO, said: “These results represent another step forward as Hilton Foods further improves business performance and profitability. Our core meat category performed particularly well, driving volume growth, while the continued positive momentum in our seafood business has helped to underpin profit performance. Our core product ranges remain highly attractive to both our customers and their consumers, while the breadth of our offering make us well placed to win across every meal, in both retail and food service.
“The hard work of all our teams, coupled with our proprietary technology and market-leading innovation, has underpinned the strength of our relationships with customers during the period. I would like to take this opportunity to thank all my colleagues for their ongoing commitment.
“As I look ahead, Hilton Foods has all the right attributes in place. Our strong financial platform, unique multi-category offer, and market-leading technology adds to my confidence in the Group’s ability to achieve further international growth.”
Hilton appoints new director
The Group also announced that Mark Allen OBE has been appointed non-executive director and chair designate with effect from 1st October 2024, with Allen to assume his position as chair of the board from 1st January 2025.
He will take over from Robert Watson OBE, who served over 20 years with Hilton Foods.
Mark Allen OBE said: “I am delighted to be joining a fantastic business, with great people and an excellent leadership team. This is a very exciting time for Hilton Foods and I am looking forward to continuing the excellent progress made so far through Robert’s leadership.”
Robert Watson OBE, chair of Hilton Foods, said: “After more than 20 years at Hilton Foods the time is right to continue our process of evolving our leadership. I am delighted that Mark is first joining the board and will then succeed me as chair next year. I am proud of what we have achieved at Hilton Foods and I will step down in the new year with the business in a stronger position than ever before.”
