9th Jan 2015 07:39
LONDON (Alliance News) - Meat packing business Hilton Food Group PLC Friday said it finished its 2014 financial year in line with board expectations, citing higher volumes in the UK and the Netherlands, although it said that trading in central Europe is still soft and revenue continues to be hit by sterling strength and lower raw material prices.
The group said in Western Europe, volume growth in its UK business as well as in Holland, were both the main drivers of growth during the financial year just ended to December 28. However it did say that some of that growth was offset by weak demand in Ireland, which has now resumed growth, and lower volumes in Denmark.
Elseswhere, Hilton Food said its trading performance in Sweden was "steady", while trading in central Europe remains competitive.
"Turnover continues to be adversly affected by the impact of foreign exchange translation and lower raw material prices," the company said in a statement.
The group said its financial position remains strong, leaving it well positioned to continue expanding the business.
"We remain well placed to deliver continued growth over the medium term and will continue to explore further opportunities to develop our business in both domestic and overseas markets," it said.
Hilton Food said its joint venture in Australia continues to make good progress, with the plant in Victoria, South-east Australia, still on track to be open in the third quarter of this year.
"The outlook for 2015 remains positive, with the facility investment in Huntingdon expected to be commissioned by the end of the first quarter of 2015, despite some markets in continental Europe expected to remain subdued," the company said.
Hilton Food will publish its full year results on March 25, according to the company.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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