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17 Jul 2008 07:00
RNS Number : 1761Z
Hilton Food Group PLC
17 July 2008
HILTON FOOD GROUP plc
Trading update to 13 July 2008
Hilton Food Group plc (“Hilton” or “the Company”), the leading specialist meat packing business supplying major international food retailers in Europe, is today providing an update on trading for the 28 weeks ended 13th July 2008.
The Company reports that trading for the period has been robust, with turnover growth underpinned by increased promotional volumes, the positive impact of foreign currency translation and a solid performance across the territories. As stated in our first Interim Management Statement, although raw material prices are rising, leading to some trading down to less expensive meat cuts by consumers, these raw material price increases are also feeding through to turnover.
We are pleased to report further progress with our trial to supply Tesco stores in Central Europe from our plant in Tychy, Southern Poland. Volumes have started to build, with red meat products now supplied to Tesco across the four central European territories of CzechRepublic, Hungary, Poland and Slovakia. The development of the bacon, sausage and gammon extension in Drogheda, Ireland is proceeding in line with our plans in time for start –up during August this year.
We expect to see changes to our customers’ buying patterns as consumers increasingly look for value. As a business with modern, flexible facilities and a good geographic spread, Hilton is well-positioned for the current environment. Management expects the company to meet market forecasts for the year as a whole.
Robert Watson OBE, Chief Executive, commented:
“We have been able to continue growing the business, despite rising raw material prices. Although we are in a difficult trading environment, we believe that our business will prove itself to be resilient.”
Hilton is intending to publish its half year results on Thursday 11th September 2008.
Contacts:
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Hilton Food Group |
Tel: +44 (0)1480 387214 |
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Robert Watson, Chief Executive |
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Nigel Majewski, Finance Director |
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Citigate Dewe Rogerson |
Tel: +44 (0)207 282 2889 |
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Tom Baldock |
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Nicola Smith |
This information is provided by RNS
The company news service from the London Stock Exchange
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