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Hilton Food delivers beefy progress report
Meat packing business Hilton Food Group has traded in line with board expectations so far this year, continuing to grow the business through beefed-up volumes and close co-operation with its retail partners.
Hilton pointed to "good progress" in a number of markets on Wednesday, telling investors that UK turnover from its red meats business had continued to grow at a pace similar to that seen last year, while its Irish operations continued to experience "encouraging" top-line growth.
Hilton's Danish operations also brought home the bacon, with turnover fattened up predominantly by higher raw material prices, while in Sweden things started slower but witnessed a "significant pick up in throughput" and in Holland, the group continued to perform well.
Further "strategic progress" was reported regarding joint venture facilities in Western Australia and Victoria, previously announced in February, with the group now planning to assume full operational control of the JV before 1 July. Development work relating to its Queensland plant was said to be "progressing strongly", with construction work well advanced.
Looking forward, Hilton said, "The group's financial position remains strong, having put in place facilities to cover current expansion plans. Hilton continues to explore opportunities in which to invest and to grow the business both domestically and in overseas markets."
As of 0850 BST, Hilton shares had picked up 0.50% to 910.50p.
House broker Numis suggested the company's business model "means that it is uniquely positioned to generate growth from existing relationships as it broadens its capabilities and is increasingly regarded as an attractive partner by leading global retailers, which should drive further growth".