8th Apr 2025 09:04
(Alliance News) - Hilton Food Group PLC on Tuesday reported double-digit profit growth for 2024 due to a reduction in expenses, and it upgraded its annual payout in response.
The Huntingdon, Cambridgeshire-based "multi-protein" food producer said pretax profit for 2024 was GBP61.0 million, rising 26% from GBP48.6 million in 2023.
Revenue declined marginally to GBP3.99 billion, while cost of sales were reduced by 0.8% to GBP3.53 billion from GBP3.56 billion.
Hilton Food declared a final dividend of 24.9 pence per share, bringing its total dividend to 34.5p, up 7.8% on-year from 32.0p.
Looking ahead, Hilton Food said it is "confident" in delivering earnings growth during 2025, in line with a company-compiled market consensus for between GBP76.8 million and GBP83.3 million in adjusted pretax profit. This would represent up to a 9.5% improvement from GBP76.1 million in 2024.
"I'm incredibly proud of our strong performance in 2024, with core retail meat volumes outpacing the market...Through innovation, automation, and strategic partnerships, we continue to unlock new growth opportunities, including our expansion into Saudi Arabia and progress with Walmart in Canada," said Chief Executive Officer Steve Murrells.
"Our team's commitment ensures we stay ahead of evolving consumer preferences, enabling us to drive category growth and anticipate future demand. With advanced automation, a strong sustainability focus, and a proven track record of successful product launches.
"Hilton Foods is expert in providing the highest levels of customer service and operating the most efficient sites around the world. These attributes underpin our existing relationships and leave us strongly positioned to enter new markets and attract new customers. I am excited for the opportunities ahead."
Shares in Hilton Food were flat at 851.00 pence in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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