24th May 2022 11:10
(Alliance News) - Hilton Food Group PLC on Tuesday said it recorded sales ahead of last year, due to higher raw material prices and its expansion of new proteins.
The Cambridgeshire, England-based food packaging business said trading to date from January 3 has been in line with its expectations overall.
The FTSE 250 firm reported sales ahead of the same period last year, reflecting increases in raw material prices, "as well as the execution of growth initiatives."
In Europe, Hilton recorded a year-on-year higher turnover, mainly supported by the higher raw material prices, as well as the continued expansion of additional proteins, such as fish and plant-based proteins across geographies, particularly in the Scandinavian markets.
Hilton Food also recorded an increased turnover in Australia, due to a "ramp-up" in volumes at its Queensland facility.
In New Zealand, where the company has a food park, volumes also continue to increase, including its expansion into fish products.
Hilton Food expects to make further progress this year, despite a "challenging" outlook, with the negative impact of higher input prices "potentially" reducing volume.
Going forward, it will continue to explore opportunities to invest and grow the business domestically and in overseas markets.
Hilton Food shares were trading 1.6% lower at 1,199.00 pence each in London on Tuesday morning.
By Abby Amoakuh; [email protected]
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