Hilton Food Group has reported 'strong' operational progress, in line with expectations, in the first 28 weeks to 16 July 2023.
The company's core category - meat - continued to perform well, boosted by new acquisitions in the poultry and food service segments, the company said in a statement.
Hilton Foods added that its good performance in the APAC region was driven by its partnership with Woolworths.
The recovery of the seafood segment remained on track, following measures implemented by the management.
'Robust Performance'
Steve Murrells, Hilton Foods chief executive officer added, "I am pleased, in my first set of results as Hilton Food’s CEO, to show delivery of a robust performance against a challenging economic backdrop.
"Our core meat business has continued to perform strongly and we are pleased with the continued recovery in seafood. At the same time, we continue to make progress in our ESG strategy, including delivering packaging innovation to reduce plastic usage and setting more ambitious science-based targets."
Revenue for the period increased 5.2% to £2.1 billion (€2.5 billion), driven mainly by raw material price inflation.
Volumes saw a marginal increase of 0.2% higher at 272,321 tonnes.
Adjusted operating profit was up 1.4% to £41.8 million (€48.8 million), while adjusted profit before tax declined 22.2% to £26.8 million (€31.3 million).
Positive Outlook
Hilton Foods said it is 'well positioned' to continue to trade in line with board expectations for the rest of the year.
The company expects growth to be driven by recent acquisitions, continued recovery in seafood, opportunities to develop cross-category business, and utilise supply chain management expertise.
Murrells added, "As I look ahead, I am confident in the opportunities we have to grow, building on our existing partnerships and forging new ones, based on our unique multi-category protein offer."
