(Alliance News) - Hilton Food Group PLC on Monday said trading in 2024 to-date has been in line with expectations, with volumes and sales ahead of the same period last year.
The Huntingdon-headquartered food packaging company said this was despite sales growth in some markets being impacted by lower raw material prices.
In a trading statement ahead of Monday's annual general meeting, Hilton Food said: "The business remains well-positioned for the year ahead, despite the continued challenging market environment and economic conditions."
"Short and medium-term growth prospects are underpinned by the strength of our multi-category offer and continued progress in our UK Seafood business," the company added.
Hilton Food said its financial position was "strong," and it would "continue to explore further growth opportunities and wider geographic expansion."
Shares in Hilton Food Group rose 0.5% to 944.74 pence in London on Monday morning.
In UK & Ireland, both volume and revenue are ahead of last year, benefiting from a strong Easter trading period as well as slowing inflation and good growth in Ireland, whilst the momentum of the UK Seafood turnaround continues, Hilton Food said.
In Europe, the core meat and easier meals business continues to perform well, with volume and revenue ahead of last year, the company added.
In Asia Pacific, Hilton Food reported more "normalised" volume growth, as expected, from its three facilities in Australia and its food park in New Zealand, following strong growth in 2023, with revenue seeing some impact from changes in mix and deflation.
Hilton Food said it continues to build its long-term partnership with Walmart Inc in Canada and remains on track for the 2027 launch of its multi-protein facility.
By Jeremy Cutler, Alliance News reporter
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Hilton Foods (HFG)