(Sharecast News) - Hilton Food Group said on Thursday that full-year trading was in line with its expectations as it hailed a "pleasing" performance in the run-up to Christmas.
In an update for the year to 1 January 2023, the food packaging business pointed to continued revenue growth versus a year earlier.
In Asia Pacific, it saw strong top-line growth from its three facilities in Australia. This, along with the first full year of trading at its New Zealand food park, delivered further volume and revenue growth.
In the UK and Ireland, meanwhile, Hilton said it continued to make progress, with a strong Christmas trading period. The company also continued its investments in automation, the benefits of which will be seen in 2023.
"Recent progress to pass through and mitigate unprecedented inflationary cost increases, particularly in the UK Seafood business, have been encouraging and leave us well placed as we start the new year," Hilton said. "This work has progressed alongside a total business review in UK Seafood, which is starting to deliver positive results."
The group said its other businesses in Europe performed well, with revenue ahead of the previous year, thanks to the acquisition of Foppen and particularly strong trading in Central Europe.
"Given the recent trading performance and the group's strengths, including a diversified product offering, state-of-the art facilities, our technology driven supply chain expertise, and our strong position in ESG, the board remains confident in the outlook for 2023, despite the wider macroeconomic challenges," it said.
"The group's financial position continues to be strong with leverage and headroom at comfortable levels."
Hilton Foods (HFG)