Hilton Food Group has reported a 3.7% increase in revenue to £3.99 billion (€4.7 billion) in its financial year 2023, with volume growth of 0.7%.
The company said it delivered a 'robust financial and strong operational performance' in 2023, with adjusted operating profit growing by 33.5% to £95.0 million, while statutory operating profit increased 59.4%.
Hilton Food Group's seafood business recovered ahead of plan, returning to full-year operating profitability and supporting growth in the group's profit before tax.
Its meat category saw strong volume growth in APAC and a resilient outturn in Europe and the UK against an inflationary backdrop.
The company also saw growth in its international customer base via a new deal with Walmart in Canada.
Steve Murrells, chief executive officer of Hilton Foods said, “Over the past year we’ve remained focused on executing our strategy which has resulted in a good performance against a challenging market.
“I am particularly pleased with the results in our seafood category, returning to full-year operating profitability following a successful turnaround. Our core meat category performed strongly and we worked closely with customers to offer the highest quality and most relevant food products to consumers.”
Outlook 2024
Hilton Food Group stated that trading in 2024 has started in line with board expectations, although the market remains challenging.
The company is confident that it is well-placed to continue to deliver its strategy to create long-term value for shareholders.
Its growth prospects are supported by the performance of its meat business, recovery in the seafood segment, and its recent acquisitions and developing relationship with Walmart in Canada.
Murrells added, “As I set out at our investor day in November, Hilton Foods has the right attributes in place to unlock growth organically and with new customers thanks to our multi-category product offer, industry-leading technology and rigorous sustainability credentials.”
