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Strong First Half From Hilton Food Group

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Strong First Half From Hilton Food Group

Strong First Half From Hilton Food Group
September 13
10:52 2018

Hilton Food Group, the UK-based leading specialist international food packing business, has reported a 25.0% increase in turnover to £863.6 million and by 24.5% on a constant currency basis for the 28 weeks to 15 July 2018. Volumes increased by 12.7% reflecting growth in the UK, Ireland and Australia. Operating profit for the first half of 2018 was £23.6 million – 25.3% higher than in the previous year and 24.8% higher on a constant currency basis including a contribution from the recent Seachill acquisition and reflecting recovery in Central Europe. The operating profit margin at 2.7% was unchanged compared to last year.

The recent acquisition of Seachill, a leading chilled UK fish processor, for cash consideration of £80.8 million from Icelandic Group UK has provide Hilton with entry into the processing and supply of fish market in the UK.

Robert Watson OBE.

Robert Watson OBE, executive chairman of Hilton Food Group, says: “Hilton has continued to deliver on its strategies to build a significantly bigger more diversified business. We achieved strong volume and profit growth during the period including the integration of Seachill and the launch of a fresh food offering in Central Europe. We have further extended our geographical reach in Australia where we commenced production and took operational control of two existing facilities whilst constructing a further facility and designing a new facility in New Zealand, which further extends our geographical reach. We remain committed to growing our business through innovation and product development as well as continuing to explore opportunities to expand the business both at home and abroad.”

Hilton continues to invest in all its European facilities to maintaining the state-of-the-art levels required to service its customers’ growth, extend the range of products supplied to those customers and deliver both first class service levels and further increases in production efficiency. This investment ensures that the group can achieve low unit costs and competitive selling prices at increasingly higher levels of production throughput. Capital expenditure during the period was £40.6 million (2017 – £4.4 million) including investments in the new Australian facility and Central Europe fresh food factory and also the purchase of the existing Danish facility.

Hilton continues to develop its business and deliver year-on-year volume growth through focusing on quality and value for money for the consumer. With new projects including opportunities to expand the fish category, well invested production facilities, a broad geographic customer spread, and flexible procurement capabilities, the group is well equipped for future growth. Hilton continues to explore further opportunities for expansion and is well placed to capture those opportunities as they arise.

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