Last checked at 25 May 2016 07:00
25th May 2016
TRADING UPDATE
Hilton Food Group plc, ("Hilton" or the "Group" ), the leading international specialist meat packing business, provides an update on trading for the period from 3rd January 2016 to date ahead of its Annual General Meeting to be held at noon today.
During the period, the Group's performance has been in line with the Board's expectations. We have continued to grow by developing the business in existing markets and also through our geographic diversification.
In Western Europe, we have made good progress in a number of markets. In the UK, as anticipated, volumes have continued to grow relative to last year. The Irish business has also continued to show encouraging signs, with growth in the first quarter and in the Dutch market we have seen steady volume growth. In Sweden, volumes have been flat although turnover is up, reflecting the availability and price of Swedish pork, and we have been able to continue to deliver cost savings arising from the recent re-equipping of the production facilities. In Denmark, conditions have remained challenging. In Central Europe, where Hilton supplies customers in seven countries, we have seen steady volume growth.
In Australia, the volume build-up continues from the Joint Venture's new plant in Victoria in line with the agreed plan and we are supplying stores in Victoria, Southern Australia and Tasmania.
The Group's financial position remains strong, underpinned by good operating cash flows.
Hilton continues to explore opportunities to grow the business in both domestic and overseas markets.
The Group expects to issue its interim results for the 28 weeks ended 17th July 2016 on 13th September 2016.
For further information please contact:
Hilton Food Group plc Tel: +44 (0)1480 387214
Robert Watson, OBE, Chief Executive
Nigel Majewski, Finance Director
Citigate Dewe Rogerson Tel: +44 (0) 20 7282 2941
Angharad Couch