Hilton Foods Regulatory News (HFG)

13 Jan 2009 07:00

HILTON FOOD GROUP PLC

TRADING STATEMENT FOR THE 52 WEEKS ENDED 28TH DECEMBER 2008

Hilton Food Group plc, Europe's leading specialist retail meat packing business, is today providing an update on trading for the 52 weeks ended 28 December 2008. 

We are pleased to report that, against the backdrop of more difficult economic conditions, trading for the period has been in line with the Board's expectations. The Company has delivered strong turnover growth across all its geographical markets, reflecting volume growth, as well as higher raw material prices, and the effect of stronger currencies in our overseas markets. We have also made good progress growing our business in Central Europe. 

The Irish breakfast meats project, which began production in August 2008, has started well, with volumes quickly reaching expected levels. The recall of Irish pork products had a limited impact on our business and we are confident that sales in these products will continue to expand. 

The Group's balance sheet remains strong, there having been no significant changes to this position since the half year end, with net debt at a modest level leaving us well positioned for future expansion.

The trading outlook for 2009 is challenging, and whilst we are well placed and anticipate continued growth, we expect this to be at more modest rates. We continue to work closely with our customers in support of their commercial objectives and to explore further opportunities for growth in both domestic and overseas markets.

The Company intends to publish its full year results on Tuesday 31 March 2009. 

For further information please contact: