12th May 2015 07:36
LONDON (Alliance News) - Hilton Food Group PLC Tuesday said its performance for the period from December 29, 2014 to date has been in line with its expectations as it continues to explore growth opportunities in both domestic and overseas markets.
The meat packing company said it has made good progress in a number of markets in Western Europe, with volumes continuing to build in the UK following the expansion of its production facilities.
The Irish business has continued to show encouraging signs with growth in the first quarter, while the Dutch market has seen steady volume growth, Hilton said.
However, Hilton noted that conditions have remained challenging in Denmark and Sweden due to the "macro-economic backdrop".
Outside of Europe, development work by its joint venture with Woolworths Ltd in Australia is proceeding in line with the agreed plan, with the equipping of the facility well underway, and an anticipated third quarter production start-up, it said.
"The group's financial position remains strong, underpinned by good operating cash flows, with lower capital expenditure expected this year than in 2014," Hilton said in a statement.
Shares in Hilton opened down 1.4% at 432.50 pence on Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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