Hilton Food Group Reports 'Good Progress' For First Half Of 2017
Retail meat packing company Hilton Food Group has reported that it made 'good progress' during the 28 weeks ending 16 July 2017.
The company says that it continued to grow the business through additional volumes and close cooperation with retail partners. It also benefited from the strength of the currencies in which it operates relative to sterling, which has offset the impact of start-up costs.
Hilton says that it has made good progress in Western Europe this year. In the UK, turnover continued to grow relative to last year, reflecting higher raw material prices and some trading up.
Both its Swedish and Irish business also experienced 'encouraging top-line growth'. In Sweden the company launched a new packaging format that extends shelf life, while in Ireland it has seen a recovery in volumes as well as an expansion of the Ocado product range serviced from the country.
Hilton says that Holland 'remains a challenging market', and in central Europe, where Hilton operates in seven countries, the performance was adversely affected by new product start-up costs as well as challenging market conditions.
Hilton's Australian business experienced double-digit volume growth from its joint venture in Bunbury and Victoria. The company recently opened an innovation centre at the Victoria facility to support new product development, and has also started plans to open a new plant in Queensland.
Hilton says that its financial position remains strong, and that the company will continue to 'explore opportunities to invest in and to grow the business in both domestic and overseas markets'.
The group intends to publish its interim results for the 28 weeks ended 16 July 2017 on 12 September.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.