Hilton Food Group has reported a 20.4% increase in revenue in the first half of its financial year, which the group said was driven by raw material price inflation as well as volume growth.
The UK-based protein producer reported revenue of £2.0 billion (€2.31 billion) for the period, up from £1.7 billion (€1.97 billion) in the same period last year. Adjusted operating profit was up 7.3%.
Volumes were 3.6% higher, at 217,708 tonnes, up from 262,222 tonnes for the corresponding period last year.
'Diversification And Differentiation'
“In the first half of the year Hilton has further strengthened its position as the international protein partner of choice," commented Philip Heffer, chief executive. "We have continued to focus on our strategy of diversification and differentiation, driving a further increase in volumes, sales and operating profit."
“At a time when inflationary headwinds have become more pronounced, we have made further progress in broadening and deepening our protein offer, while expanding our footprint across international markets. At the same time, we have made ongoing investment to ensure we lead in technology and automation, with sustainability central to everything we do."
The group said that its meat and seafood volumes have now seen growth of more than 10% per annum over the past three years, while its vegan and vegetarian products have seen growth of 40% per annum.
The group recently announced the acquisition of smoked salmon producer Foppen, which it noted was integrating in the business well, while it has also announced a new concept facility in Sweden, following the success of its Food Park in New Zealand.
Looking ahead, the group noted that it was 'not immune' to the impact of the heightened inflationary environment.
"While we remain watchful of any near-term changes in consumer sentiment, we believe that our international scale, strong customer relationships, and diversified protein offer leaves us well-placed within a growing global market," commented Heffer.
© 2022 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.