Hilton Food Group PLC AGM Trading Update (4279M)
May 24 2022 - 2:00AM
UK Regulatory
TIDMHFG
RNS Number : 4279M
Hilton Food Group PLC
24 May 2022
Hilton Food Group plc
24(th) May 2022
AGM TRADING UPDATE
Hilton Food Group plc ("Hilton" or the "Group"), the
international protein partner of choice, is today providing a
trading update for the period from 3(rd) January 2022 to date,
ahead of its Annual General Meeting to be held at noon today.
Overall, trading has been in line with the Board's expectations,
with sales ahead of last year primarily reflecting increases in raw
materials as well as the execution of growth initatives
In Europe, against a strong comparative period, turnover is
above prior year, mainly driven by the higher raw material prices
that are being experienced in most markets. While higher prices
have had some effect on volume, this has been partly mitigated by
strong growth in our Central European markets due to the continued
success of added-value fresh foods as well as in our slow cooked
products business in the UK. The Group has also benefitted from the
continued expansion of additional proteins such as fish and plant
based across geographies, particularly in the Scandanavian markets.
We also continue to make progress in the out of home food market,
with our food service business, Fairfax Meadow performing in line
with expectations, and Hilton Food Solutions, our trading business
also performing well.
In Australia, we have seen an increase in turnover. Volumes from
our Queensland facility were successfully ramped up last year
supplemented by the full consolidation of Bunbury and Truganina. In
New Zealand, where we have our first food park, volumes continue to
increase, including our expansion into fish products.
We completed the acquisition of Foppen, the speciality smoked
salmon producer, on 16(th) March. Full year growth expectations for
this business are consistent with our original assessment. We are
now in the process of fully onboarding Foppen into the Group and
ensuring we identify and execute opportunities to grow the smoked
salmon business as well as cross selling opportunities.
Whilst the outlook for the year remains challenging, with the
impact of higher input prices potentially reducing volume, we
expect to make further progress during the year ahead. We will also
continue to implement initiatives and work with customers and
suppliers to help mitigate the impact of higher input pricing.
Medium term prospects are also underpinned by the recent
acquisitions of Dalco, Fairfax Meadow and Foppen, as well as other
potential growth opportunities.
We continue to deliver on our strategy to be the leading
international protein partner for customers, leveraging our
market-leading engineering and technology capabilities, including
through our new joint venture with Agito Group. During the period,
we have also continued to deliver on the Group's Sustainable
Protein Plan.
The Group's financial position remains strong, having put in
place committed facilities to cover announced expansion plans with
some headroom for further growth. Hilton continues to explore
opportunities in which to invest and to grow the business both
domestically and in overseas markets in addition to a number of
growth options with our existing customers.
The Group intends to publish its results for the 28 weeks ended
17(th) July 2022 on 15(th) September 2022.
For further information please contact:
Hilton Food Group plc Tel: +44 (0) 1480 387214
Philip Heffer, CEO
Nigel Majewski Retiring CFO
Matt Osborne, CFO Designate
Headland Consultancy Tel: +44 (0) 20 3805 4822
Edward Young
Will Smith
Joanna Clark
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END
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