According to preliminary results released by the company, group revenue increased by 16.5% to £3.8 billion (€4.3 billion), from £3.3 billion (€3.8 billion) in 2021, underpinned by contributions from newly acquired businesses, the first full year of trading in New Zealand, and inflationary impact.
The company saw volumes grow by 4.3% during the financial year to 513,816 tonnes.
Adjusted operating profit dropped 3.3% year-on-year to £71.1 million (€81.3 million).
Operating profit (IFRS) declined by 14.8% to £54.0 million (€61.7 million) after exceptional items of £11.9 million (€13.6 million), relating predominantly to a fire at its Belgium site in 2021.
Chief executive of Hilton Food Group, Philip Heffer said, "Despite the significant macro-economic challenges, we have continued our record of growing our volumes every year since Hilton Foods became a publicly listed company in 2007.
"Hilton Foods today is a completely different business from the company we started in 1994. Over 75% of our sales volumes are now outside the UK; we offer a wide range of protein products and categories; and we have built a technology services offer that is best-in-class in the industry.
"The global economy today is more uncertain than at any time in the past thirty years, but Hilton Foods is well set for long-term success."
Murrells will succeed Philip Heffer, who has decided to step down from the board and step back from running the company after almost 30 years with Hilton Foods.
Heffer will support Murrells as he assumes the role of CEO and will ensure a smooth handover of responsibilities, the company noted. He will remain with the business as co-founder and advisor to the Hilton Foods Board.
Murrells served as CEO of Tulip Ltd from 2009 to 2012 before taking up the role of CEO of Co-op Food.
"Back in the 1990s and early 2000s, I was the Meat Category Director at Tesco when Hilton was pioneering centrally packed meat, and the way that Philip and the team have grown the business since then has been incredible, with fifteen years of sensational growth," Murrells commented.
Hilton Food Group's core meat segment exhibited strength and resilience during the full year, the company said, underpinned by commercial partnerships.
Its seafood segment faced a challenging year, and the company aims to implement recovery plans to restore profitability in the category.
Hilton Food Group is targeting further growth for its vegan and vegetarian segments through branded partnerships and private-label expansion.
The company witnessed 'strong' performance in APAC, in a year that marked its first full year of trading in New Zealand.
It also formed a new partnership in Singapore with Country Foods – a wholly owned subsidiary of SATS, an Asian provider of food solutions and gateway services.
Hilton Food Group said that trading performance since the beginning of 2023 has been in line with the board's expectations and the business is well-positioned for the year ahead.
It will continue to explore opportunities with existing and new customers for further expansion in domestic and overseas markets.
The company will explore opportunities arising across markets by developing its cross-category business and implementing its supply chain management expertise.