Meat and seafood producer Hilton Food Group has posted a trading update for the 52 week period to 30 December, in which it said that is 'performed in line with the board's expectations', with 'strong year-on-year sales growth' boosted by the group's recent acquisition of Seachill.
The group issued the trading update, which does not contain any sales figures, in advance of its full-year results announcement on 27 March.
European Growth
In Western Europe, Hilton said that it has 'continued to grow' its business, with increased turnover in the UK and Ireland – in the UK, both Seachill and the red meats segment performed strongly for the group.
In Sweden and Denmark, the group said that sales were 'a little lower', while in the Netherlands, the group has 'continued to perform well' despite lower sales.
In Central Europe, it said that the performance of the business improved in the second half of the year.
In Australia, Hilton Food Group saw 'strong year-on-year double digit growth', driven by incremental volume at its satellite facility in Brisbane as well as by higher Victoria plant volumes, the company said. It is in the process of developing a new facility in Queensland, which is expected to start production by the end of the third quarter.
Positive Outlook
'Hilton's trading outlook remains positive, with growth prospects underpinned by the expansion plans previously announced covering Australia, Central Europe and subsequently New Zealand, as well as further opportunities arising from the Seachill acquisition,' the company said.
'After a year of capacity expansion across the Group, which has increased net debt, Hilton's financial position remains strong, with incremental facilities having been agreed with a multi-bank club to fund additional expansion opportunities as they arise. Hilton remains well placed to deliver continued growth over the medium term enhanced by further opportunities to develop our cross category business in both domestic and overseas markets.'
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.
