(Alliance News) - Hilton Food Group PLC on Tuesday said third quarter revenues for the year ending January 1 grew on strong operational progress, and that trading continues in line with expectations.
Huntingdon, Cambridgeshire-based Hilton Food said quarterly revenue is ahead of the previous year, but did not provide figures.
This was driven by the increase in raw material prices, it said, as well as continued robust performance in the Asia-Pacific region and growth in its core meat category. Hilton Food also noted the benefits of a full year of trading from Foppen, which it acquired in 2022.
Hilton Food said growth in the APAC region was mainly supported by strong volume and revenue growth from three facilities in Australia, as well as its multi-protein food park in New Zealand, while European revenue growth benefitted from Foppen, as well its central European convenience food business.
As for the UK, Hilton Food said its Seafood division "continues to deliver against our operating performance targets, with the business delivering operating profitability in [the third quarter] and also on track to do so for the full year."
The wider UK & Ireland business, it added, delivered revenue and volume growth in the third quarter from the corresponding period a year ago.
Looking ahead, Hilton Food said its financial position "remains strong with leverage at comfortable levels."
"Our industry leading technology and outstanding multicategory food products provide us with a strong platform for sustained growth, and we continue to explore opportunities in our existing and new markets as we deliver on our strategy of becoming the international protein partner of choice," it added.
Shares in Hilton Food grew 6.0% to 685.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Hilton Foods (HFG)