Hilton Food Group Performs 'In Line' With Expectations
Hilton Food Group has announced that its performance has been 'in line' with the board's expectations following a solid start to the year.
In a trading update for 4 January 2021 to 24 May 2021, the group said that its financial position remains strong.
In this period, the food packing business saw 'good progress' in Europe, where demand for its products increased due to COVID-19 restrictions and home consumption in many markets.
In the UK, turnover in the company's red meat business witnessed strong growth compared to last year.
The company added that it is moving production to Huntingdon from the middle of the year to reduce costs and provide additional capacity.
Hilton Seafood also witnessed growth in volumes and a shift from counter sales to centrally packed products.
Hilton food saw growth in turnover in the Scandinavian markets, with sales in Denmark boosted by growing volumes of chicken products.
In Sweden, however, growth was held back by the lack of availability of Swedish meat.
In Central Europe, the company saw strong growth driven by demand for red meat and fresh food.
The company also reported growth in Portugal, as well as its newly opened facility in Belgium.
Hilton Food Group's plant-based product joint venture, Dalco, retained momentum despite the impact of lockdowns on foodservice outlets.
The company reported strong growth in Australia, driven by the annualisation of higher volumes in Queensland, as well as the full consolidation of the results of Bunbury and Truganina.
In the third quarter of 2021, the food group's meat and fish plant in New Zealand is scheduled to be operational.
The company added that it would continue to explore investment opportunities and grow the business, both domestically and in overseas markets.
It is also exploring several growth options with our existing customers.