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Hilton Food reports higher sales to-date amid Foppen boost

23rd May 2023 10:01

(Alliance News) - Hilton Food Group PLC on Tuesday said its trading in the year-to-date has been in line with expectations, with sales ahead of the year prior, owed partly to a full year of ownership of smoked salmon producer Foppen.

The food packaging business said revenue in Europe has particularly benefited from the acquisition of Foppen, as well as strong trading in the Scandinavian markets.

It noted that the development of its Swedish food park continues, and said it remains on target to start the production of convenience products there in the fourth quarter of this year.

In the UK and Ireland, Hilton Food said that expected higher raw material prices continue to have an impact on volumes. It added that its ongoing turnaround plan in its UK seafood business remains on track to deliver performance improvements and cost savings.

Looking ahead, the company said it is well positioned for the year, despite the uncertain macro-economic environment. It said both its short-term and medium-term growth prospects are underpinned by its recent acquisitions and the continued recovery of its UK Seafood business.

Hilton Food will publish its results for the 28 weeks ended July 16 on September 7.

Shares in the Huntingdon, England-based firm were up 1.1% at 766.08 pence on Tuesday morning in London.

By Heather Rydings, Alliance News senior economics reporter

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