Hilton Food Group Sees 9% Revenue Growth In First Half
Retail meat-packing company Hilton Food Group has reported revenue growth of 9.3% in the first half of 2017, increasing to £690.7 million.
Operating profit was up by 9%, to £18.8 million, while turnover was up by 3.3% on a constant-currency basis, reflecting increases in raw-material prices, enhanced by favourable currency translation.
The company experienced volume growth of 8.7%, which, it says, was driven by strong sales in Australia, Ireland, Sweden and Portugal, partly offset by challenging market conditions in Central Europe.
"Hilton delivered strong volume and profit growth during the period," said Robert Watson, chief executive of Hilton Foods.
"We remain committed to growing our business through innovation and product development, as well as exploring a range of new expansion opportunities to further our geographic reach."
Last month, Hilton signed a contract with Tesco Central Europe to produce and supply fresh food for the retailer. This will involve a €6 million investment to build a new factory in Poland.
The company has also started a joint venture in Portugal, and plans to open a new factory in Queensland, Australia, are progressing.
© 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.