28th Mar 2018 12:06
LONDON (Alliance News) - Food packing firm Hilton Food Group PLC hiked its dividend 11% Wednesday after its 2017 revenue and profit rose amid "significant" strategic progress.
In 2017, pretax profit expanded 13% to GBP37.4 million from GBP33.2 million the year prior. This was after revenue rose 10% to GBP1.36 billion from GBP1.23 billion the year before. In constant currency, pretax profit rose 7.9% and revenue by 5.7%.
Hilton proposed a 14.0 pence per share final dividend, up from 12.5 pence the year prior. For the full year, dividends rose 11% to 19.0p from 17.1p the year before.
"2017 was a transformational year and we achieved significant strategic progress," Hilton Chief Executive Officer Robert Watson said. "We entered into a new protein through the acquisition of Seachill as well as agreement to build a new facility in New Zealand and fresh food expansion in Central Europe."
In November 2017, Hilton acquired UK fish packing firm Icelandic Group UK Ltd - trading as Seachill - for GBP80.8 million.
In October 2017, Hilton said it was going to will construct a new meat processing factory in Auckland and will supply the leading retailer Progressive Enterprises Ltd with beef, lamb, pork, chicken and added-value products. Progressive trades as Countdown Supermarkets.
Hilton said the development will be an extension to its existing site in Auckland, and it is targeting production to commence for 2020. The company expects the development to cost NZD54.0 million, around GBP29.2 million.
"Hilton made good progress with volume and profit growth demonstrating our geographical and operational progress," Watson added. "This momentum has continued into 2018 and we continue to explore further expansion opportunities".
Volumes rose 10% to 303,811 tonnes from 275,213 tonnes the year prior.
Shares in Hilton were 3.9% higher at 800.00 pence on Wednesday.
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