Hilton Food Group PLC Trading Update (1045Y)
January 13 2022 - 2:00AM
UK Regulatory
TIDMHFG
RNS Number : 1045Y
Hilton Food Group PLC
13 January 2022
13(th) January 2022
HILTON FOOD GROUP plc
TRADING UPDATE FOR THE 52 WEEKS ENDED 2(nd) JANUARY 2022
-- Full year trading in line with Board's expectations
-- Dutch competition authority clearance for acquisition of Foppen
-- Joint Venture agreed with Agito Group Pty Ltd further enhancing our technology expertise
Hilton Food Group plc ("Hilton" or the "Group"), the leading
international multi-protein food business, today provides a trading
update for the 52 weeks ended 2(nd) January 2022.
We are pleased to report the Group has performed in line with
the Board's expectations, with year-on-year sales growth driven
predominantly by organic expansion. Over the two year period we
have seen strong, sustained growth, as we deliver towards our goal
of becoming the global protein partner of choice.
In Australia, where we have seen strong double-digit growth, we
are successfully operating as a unified business covering the sites
of Bunbury (WA), Truganina (VIC) and Heathwood (QLD). The New
Zealand facility, being our first multi-protein food park, opened
in early July and volume has continued to grow during the course of
the year.
In Europe, we have continued to make good progress across the
markets in which we operate, and we have seen strong growth on a
two year basis. As expected against strong prior year comparatives,
regional revenue is broadly flat for the year reflecting the
increase in consumers eating out following the re-opening of food
service in the second half. Within the UK we have seen strong
growth in the slow cooked business, while in Central Europe, we
have delivered continued volume growth in fresh food across our
customers.
We have continued to diversify the business across proteins and
routes to market. As noted in the Q3 update, in Denmark we are now
packing chicken, vegetable protein as well as fish products. During
the year, we have acquired the remaining 50% of vegetarian and
vegan food producer Dalco and the food service protein provider
Fairfax Meadow. In December, we annouced the acquisition of the
speciality smoked salmon producer, Foppen. We have now received
Dutch competition authority clearance for acquiring Foppen, and are
currently working to obtain works council approval. In all cases we
are developing plans to continue to grow these businesses and
integrate them into the Group.
In addition, we have acquired a 50% interest in Agito Group Pty
Ltd ("Agito"), a provider of automation and software controls which
supported the Group in the establishment of our highly automated
facilities in Australia and New Zealand. Our intention is to
support the global expansion of the Agito business, which will add
to our existing technology offering of Foods Connected and our
continued application of robotics and automation to our facilities
in support of the supply chains of our customers. Further details
regarding Agito are in the notes section of this update.
We continue to deliver against our wider environmental and
sustainability targets across the three key categories of product,
people and planet. We received approval during the year for our
Science Based Targets and continue to demonstrate leadership in
sustainable packaging, exceeding our target, with 70% average
recycled content in packaging achieved.
Hilton's trading outlook remains positive, with growth prospects
underpinned by the expansion plans previously announced, the four
recent acquisitions of Dalco, Fairfax Meadow, Foppen and Agito, as
well as further opportunities arising across our markets by the
development of our cross category business and the application of
Hilton's supply chain management expertise. Funding is in place to
cover the announced expansions and the Group's financial position
remains strong. We will continue to explore opportunities to grow
the business in both domestic and overseas markets.
The Group will publish its preliminary results on 6(th) April
2022.
Enquiries:
Hilton Food Group plc Tel: +44 (0)1480 387214
Philip Heffer, Chief Executive
Officer
Nigel Majewski, Chief Financial
Officer
Headland Consultancy Tel: +44 (0) 20 7638
9571
Edward Young
Will Smith
Joanna Clark
Notes
About Hilton
Hilton Food Group plc is a leading international multi-protein
producer, serving customers and retail partners across the world
with high quality meat, fish, vegan and vegetarian foods and meals.
We are a business of over 5,000 employees, operating from 19
technologically advanced food processing, packing and logistics
facilities across 16 markets in Europe and Australasia. For almost
thirty years, our business has been built on dedicated partnerships
with our customers and suppliers, many forged over several decades,
and together we target long-term, sustainable growth and shared
value. We supply our customers with high quality, traceable, and
assured food products, with high standards of technical excellence
and expertise
Hilton enters into joint venture with automation solutions
provider, Agito Group Pty Ltd
Hilton is pleased to announce that on 6(th) January 2022 it
entered into a joint venture with the founding shareholder of Agito
Group Pty Ltd. Agito is a long established and profitable business,
delivering projects in the Australian and New Zealand market since
1984, currently with offices and manufacturing facilities in both
Western Australia and New South Wales. The joint venture will
enhance Hilton's automation and technology solutions offering to
retailers and logistic providers - an area of focus as they seek to
improve supply chain management and increase efficiency,
transparency and control. The joint venture will also accelerate
Agito's global expansion plans.
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