13th Jan 2022 10:37
(Alliance News) - Hilton Food Group PLC announced on Thursday that trading for the year had been in line with expectations, noting "strong sustained" growth as it focused on expansion.
The Cambridgeshire, England-based food packaging business said, when compared against strong prior year comparatives, regional revenue was broadly flat for the year. Hilton said this reflected the increase in consumers eating out following the re-opening of food service in the second half.
Within the UK, Hilton said it has seen strong growth in its slow cooked business, while in Central Europe it noted continued volume growth in fresh food.
In Europe more broadly, Hilton said it had made "good progress" across its markets and seen strong growth on a two-year basis.
In Australia, Hilton said it had seen strong double-digit growth across its three sites and in New Zealand volumes continued to grow during the course of the year.
Hilton explained that year-on-year sales growth had been driven predominantly by organic expansion. The company asserted that it had continued to diversify the business across proteins and routes to market.
Examples of expansion provided by Hilton included the acquisition of the remaining 50% stake in vegetarian and vegan food producer Dalco Food BV during the year as well the food service protein provider Fairfax Meadow Europe Ltd.
Separately, Hilton announced that it had bought a 50% interest in Agito Group Pty Ltd, a provider of automation and software controls. The company explained that this supported the establishment of its automated facilities in Australia and New Zealand. No financial details of the Agito deal were provided.
Looking forward, Hilton said its outlook remains positive, with growth prospects underpinned by expansion plans and previous acquisitions.
Hilton added that funding is in place to cover the expansions as it continues to explore opportunities to grow the business in both domestic and overseas markets.
Hilton Food will publish its preliminary full-year results on April 6.
Shares in Hilton Food were up 0.4% at 1,130.00 pence on Thursday morning in London.
By Heather Rydings; [email protected]
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