7th Apr 2020 10:07
(Alliance News) - Food packaging firm Hilton Food Group PLC on Tuesday posted a double-digit revenue rise in 2019 and held its payout.
In 2019, revenue climbed 10% to GBP1.81 billion from GBP1.65 billion, with pretax profit rising 9.2% to GBP47.3 million from GBP43.3 million.
Executive Chair Robert Watson said: "In 2019, we successfully executed our strategy of continuing to grow and diversify our offering with the opening of our biggest factory yet in Brisbane, Australia, a move into other high growth proteins including vegetarian and sous vide, building on our existing retailer partner relationships and investing in our facilities. We continue to grow volumes and profit and explore opportunities to develop our cross-category business in both our domestic and overseas markets."
During the year, Hilton also struck a deal to package all of grocer Tesco PLC's red meat. It secured a similar deal with retailer Ahold Delhaize NV in Belgium.
Hilton Food's dividends for 2019 were flat at 21.4 pence per share.
Focus now shifts to the Covid-19 outbreak, which has forced many businesses to close.
Hilton Food's facilities have remained open however, as it offers an essential service.
"While there is significant uncertainty over the extent of the impact and longevity of the Covid-19 outbreak, we have so far coped well with the challenges and are confident that through our local operating model and financial strength we are well placed," Hilton Food said.
Shares in the company were 3.5% higher at 1,020.00p each in London on Tuesday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
TescoHilton Foods