(Alliance News) - Hilton Food Group PLC said Wednesday it is delaying its 2019 results, but expects to report a performance slightly ahead of the internal expectations.
The food packaging firm was scheduled to release its annual results on Thursday, but has now delayed them following the UK Financial Conduct Authority's request for a two-week moratorium on results amid the Covid-19 pandemic.
Hilton Food said 2019 saw a continuation of strong year-on-year sales and volume growth, driven primarily by operations in both Australia and the UK.
In 2018, the company posted pretax profit up 27% to GBP43.3 million from GBP34.2 million a year prior. Revenue surged 22% year-on-year to GBP1.65 billion from GBP1.36 billion, while volume increased 14% to 344,784 tonnes from 303,811 tonnes a year ago.
Looking ahead, Hilton Food said its outlook remains positive, with growth expected from its previously announced expansion plans in Australia, in Central Europe and in New Zealand. The company also pointed to further opportunities in fish and vegetarian products following its acquisition of Seachill.
Hilton Food's financial position remains strong, the company said, having ended 2019 with net bank debt of GBP87 million.
Committed undrawn facilities at the year end were GBP71 million, with additional incremental facilities of about GBP45 million being added in January to fund the purchase of its Australian joint venture assets.
"Hilton remains well placed to deliver continued growth over the medium term enhanced by further opportunities to develop our cross category business in both domestic and overseas markets," the company added.
All of Hilton Food's facilities remain fully operational, and in addition has established business continuity and flexible buy models and supply options.
Shares in Hilton Food were 2.2% higher in London on Wednesday morning at 957.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Hilton Foods (HFG)