Food packing company Hilton Food Group has announced that it has performed 'in line' with board expectations in the 52 weeks ended 29 December 2019.
The company, scheduled to publish its full-year results on 26 March 2020, also reported 'strong year-on-year sales and volume growth' during this period, it said.
Hilton Food Group attributed its success to its performance in Australia and good growth in many existing and new markets.
Divisional Performance
The company's business continued to grow in Western Europe with increased turnover, particularly in the UK where it started to pack all of Tesco's beef and lamb from July 2019.
Its performance was also boosted by the Seachill business and the increased supply of breaded products to Waitrose.
In Denmark, sales continued to pick up resulting in higher turnover, the company said. Sweden and Holland also performed well despite lower sales compared to 2018.
In Central Europe, the meat packer's new Fresh Food factory delivered a good performance and added more customers to the business.
The company reported strong year-on-year growth in Australia, driven by volumes from its new plant in Heathwood, Brisbane, as well as incremental volumes from its plant in Victoria.
Outlook
Hilton has forecast significant growth prospects in the new financial year, backed by its strong financial position.
It is in a position to fund additional expansion opportunities due to good operating cash flow and incremental facilities.
The company also said it is well-placed to deliver continued growth over the medium term.
By the end of June 2020, it aims to close a previously-announced acquisition of joint venture assets from Woolworths.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.
