Hilton Food Group has reported a 'strong' festive period with 3% growth in volume in December 2023 compared to the same period in the year before.
For the full year, Hilton Foods hopes to report results in line with the board's expectations, it said in a trading update.
According to Darren Shirley, equity research analyst – consumer at Shore Capital, the trading updated was "encouraging".
"Importantly, trading is reported to have been in line with expectations, leading us to retain short and medium-term forecasts as the group moves beyond recovery and back into growth, with management confident in the outlook for 2024," Shirley added,
Divisional Performance
In the UK and Ireland its overall business continued to make progress, boosted by a particularly strong festive trading period and overall revenue increases compared to the prior year.
The company's UK Seafood division exceeded turnaround targets, generating operating profits throughout the second half of the year and for the full year in total.
In Europe, the company's revenue growth benefitted from continued growth in its Foppen business and the commencement of production of convenience products at its Swedish food park in September 2023.
The work to combine the Dalco vegetarian and vegan business into a single site has progressed well and is nearing completion, the company noted.
The APAC business, which operates three facilities in Australia and a multi-protein food park in New Zealand, continued to deliver strong volume and revenue growth.
'Well-Placed To Grow Further'
Steve Murrells CBE, Hilton Foods chief executive officer, added, "Over the year, we have developed our technology and supply chain capabilities, and underpinned by our Sustainable Protein Plan, we have continued to support our customers, providing them with relevant, high quality proteins that consumers want on their plate.
"We were delighted to announce a long term supply agreement with Walmart Canada in September and looking ahead, we remain confident that Hilton's inherent strengths leaves the group well-placed to grow further with new and existing customers as we remain focused on becoming the international protein partner of choice."
