Trading at Hilton Food Group has met the board's expectations for the period from 1 January to 20 May 2024, with volumes and sales ahead of the same period last year.
The trading update was released ahead of the company's annual general meeting on 20 May.
Hilton Food Group highlighted that sales growth in some of its markets was impacted by lower raw material prices.
Geographical Performance
In the UK and Ireland, both volume and revenue exceeded the results of the year-ago period as Hilton Food Group was boosted by a strong Easter trading period as well as slowing inflation and good growth in Ireland.
The momentum of the UK Seafood turnaround also continued in this period, it added.
The company's core meat and convenience meals business continued to perform well in Europe, with volume and revenue ahead of the comparable period last year.
In the APAC region, the company saw more normalised volume growth in its three facilities in Australia and food park in New Zealand.
This performance was in line with expectations, following strong growth in 2023, with revenue impacted by changes in mix and deflation.
Other Highlights
Hilton Food Group is 'on track' for the launch of its multi-protein facility in 2027 – a part of its long-term partnership with Walmart in Canada.
The project will commence with beef, lamb, pork, seafood, some added-value products, and robotised store order-picking services.
The company added that it has validated, revised and more ambitious science-based targets across Scope 1, 2 and 3 emissions aligned to a 1.5 ̊C pathway and achieving net zero by 2048.
Outlook
Hilton Foods believes that the company is 'well-positioned' for the year ahead despite challenging market environment and economic conditions.
'Our short and medium-term growth prospects are underpinned by the strength of our multi-category offer and continued progress in our UK Seafood business', it noted.
The company hopes to deliver 'long-term value' to all stakeholders through partnerships and leverage its 'strong financial position' to explore further growth opportunities and wider geographic expansion.
