(Alliance News) - Hilton Food Group PLC on Thursday said its 2023 results are set to meet expectations after a "strong" festive period.
The Huntingdon-headquartered food packaging company recorded volume growth of 3% in the month of December, compared to the same period a year ago and noted revenue increases in its UK and Ireland businesses.
As for its UK Seafood division, Hilton Food said it has "performed ahead of our turnaround targets with the business generating operating profits throughout the second half of the year and for the full year in total."
In Europe, 2023 revenue is ahead year-on-year, it said, citing "continued growth" in its smoked salmon business Foppen, which it acquired in 2021, while its Asia-Pacific business has continued to deliver strong volume and revenue growth in the period.
Looking ahead, the company said it is confident in the outlook for 2024 as a result of recent positive trading. "The strength of Hilton Food's highly automated supply chain and leading technology, combined with our outstanding multi-category food products provides us with a strong platform for sustained growth," it said.
Chief Executive Officer Steve Murrells said: "We finished the year with positive festive trading, and full year performance in-line with expectations. Our Christmas period was supported by the strength of our high quality and relevant products. Over the year, we have developed our technology and supply chain capabilities, and underpinned by our Sustainable Protein Plan, we have continued to support our customers, providing them with relevant, high quality proteins that consumers want on their plate.
"We were delighted to announce a long term supply agreement with Walmart Canada in September and looking ahead, we remain confident that Hilton's inherent strengths leaves the group well-placed to grow further with new and existing customers as we remain focused on becoming the international protein partner of choice."
Shares in Hilton Food were up 1.2% at 765.31 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Hilton Foods (HFG)