27th Mar 2019 08:28
LONDON (Alliance News) - Hilton Food Group PLC on Wednesday reported a spike in annual profit driven by an increase in revenue, as it sets its eyes on domestic and international acquisitions.
For 2018, the FTSE 250 food packaging business posted pretax profit up 27% to GBP43.3 million from GBP34.2 million a year prior.
Revenue surged 22% year-on-year to GBP1.65 billion from GBP1.36 billion, while volume increased 14% to 344,784 tonnes from 303,811 tonnes a year ago.
"In 2018, we continued to deliver on our strategic objectives to build a significantly bigger and more diversified business. Seachill's integration together with the new shellfish business win has driven volume and profit growth further supported in Australia through the start of production and transfer of operational control in the joint venture facilities," Chair Robert Watson said.
He continued: "We are adding another protein to our offering through an agreement to invest in leading vegetarian producer Dalco and continue to explore further opportunities in both domestic and overseas markets."
Hilton Food upped its annual dividend 13% to 21.4 pence from 19p paid to shareholders a year ago. This was after proposing a final 15.8p per share payout.
Looking ahead, Hilton Food said its performance in 2019 to date has been in line with the board's expectations, as the company continues to further explore both domestic and international acquisitions.
Hilton Food shares were trading 3.0% higher at 968.00p each early Wednesday morning.
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