Hilton Food Group PLC Trading Update (8363V)
08 November 2017 - 6:00PM
UK Regulatory
TIDMHFG
RNS Number : 8363V
Hilton Food Group PLC
08 November 2017
Hilton Food Group plc
8(th) November 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 period 17(th) July 2017 to
date.
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. We have also made significant strategic progress with the
acquisition of Seachill in the UK and agreement to build a facility
in New Zealand.
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, whilst our Irish business has continued to experience
encouraging top-line growth. Sweden and Denmark, however, are
behind prior year with the Sweden comparative adversely affected by
a strong barbecue season last year. Holland remains a challenging
market, though we are continuing to perform well, providing support
to our customer through a focus on new product and packaging
development as well as other initiatives. The business in Portugal
is continuing to show good progress, processing significant volumes
as we execute against the scheduled development plan, which have
more than offset the impact of start-up costs.
As expected, in Central Europe, we have seen an improvement in
performance as a result of the initiatives we have taken.
In Australia, we have continued to see volume growth from our
joint venture covering Bunbury and Victoria, and the development
work in relation to the Queensland plant has continued in line with
plan, with planning permission for the site now obtained. As
referred to above, we were also very pleased to announce an
extension of our business cooperation with Woolworths Australia,
having signed an agreement to construct a plant in Auckland, New
Zealand for Progressive Enterprises LTD.
Following the General Meeting on 6(th) November, we are also
pleased to confirm the acquisition of Icelandic Group UK Ltd
("Seachill"), the leading UK fish packing and processing company,
for GBP80.8m. This has been funded partly from the proceeds of a
placing of new ordinary shares which raised GBP55.9m and partly
through debt financing.
The Group's financial position remains strong, having put in
place facilities to cover current expansion plans. 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 results for the 52 weeks ended
31(st) December 2017 on 28(th) March 2018.
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) 20 7638 9571
Angharad Couch
Ellen Wilton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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