Hilton Food Group PLC Trading Update (5364L)
20 July 2017 - 4:00PM
UK Regulatory
TIDMHFG
RNS Number : 5364L
Hilton Food Group PLC
20 July 2017
Hilton Food Group plc
20(th) July 2017
TRADING UPDATE
Hilton Food Group plc ("Hilton" or the "Group"), the leading
international specialist retail meat packing business, is today
providing a trading update for the 28 weeks ended 16(th) July
2017.
During the period, the Group's performance has been in line with
the Board's expectations. We have continued to grow the business,
through additional volumes and close cooperation with our retail
partners. The Group has also benefited from the strength of the
currencies in which it operates relative to sterling, which has
offset the impact of start-up costs.
In Western Europe, we have made good progress in a number of
markets. In the UK, turnover has continued to grow relative to last
year, reflecting higher raw material prices and some trading up, as
well as a good start to the barbecue season. Both our Swedish and
Irish business have experienced encouraging top-line growth in the
first half. In Sweden we have launched a new packaging format which
extends shelf life, and in Ireland we have seen both a recovery in
Republic of Ireland volumes as well as an expansion of the Ocado
product range serviced from Ireland. Holland remains a challenging
market, though we are supporting our customer through a focus on
new product and packaging development, whilst the Danish market is
more stable. In Central Europe, where Hilton supplies customers in
seven countries, the performance in the first half has been
adversely affected by new product start-up costs as well as
challenging market conditions.
In Australia, we have seen double-digit volume growth from our
joint venture covering Bunbury and Victoria in the first half, and
have recently opened an Innovation Centre at the Victoria facility
to support new product development. The development work in
relation to the Queensland plant has continued in line with plan,
with a site having been identified and planning permission
progressing well.
The business in Portugal is continuing to show good progress, as
we execute against the scheduled development plan, whilst
processing significant volumes, which have more than offset the
impact of start-up costs.
The Group's financial position remains strong and Hilton
continues to explore opportunities to invest in and to grow the
business in both domestic and overseas markets.
The Group intends to publish its interim results for the 28
weeks ended 16(th) July 2017 on 12(th) September 2017.
For further information
please contact:
Hilton Food Group plc Tel: +44 (0) 1480
387214
Robert Watson, OBE, Chief
Executive
Nigel Majewski, CFO
Citigate Dewe Rogerson Tel: +44 (0) 207 282
2849
Louise Mason
Ellen Wilton
This information is provided by RNS
The company news service from the London Stock Exchange
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