Hilton Food Group has said that trading since the start of the year has been in line with the board's expectations, while sales are ahead of the prior year.
The group made the announcement in a trading update to coincide with its annual general meeting.
Foppen Acquisition
The group says this reflects continued increases in raw materials prices and the positive effect of a full year of ownership of Foppen, following the company's acquisition in March 2022.
Hilton Food Group said that revenue in the UK and Ireland is ahead of last year, with higher raw material prices continuing to have an impact on volumes.
The group believes the ongoing turnaround plan in its UK seafood business remains on track to deliver against performance improvement and cost saving targets.
European Performance
In Europe, Hilton said revenue is ahead of the previous year, as a result of the benefits from the acquisition of Foppen and particularly strong trading in its Scandinavian markets.
The group noted the development of its Swedish food park continues, and it remains on target to commence production of convenience products in the fourth quarter of this year.
'Growth Opportunities'
In a statement, the group noted, 'Our short and medium term growth prospects are underpinned by our recent acquisitions and the continued recovery of our UK seafood business, combined with opportunities to develop our cross-category business and utilise our wider supply chain management expertise.
'We also continue to explore growth opportunities and wider geographic expansion with existing and new customers.'
© 2023 European Supermarket Magazine – your source for the latest A-brand news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.