Hilton Food Group PLC Trading Update (6749M)
January 10 2019 - 2:00AM
UK Regulatory
TIDMHFG
RNS Number : 6749M
Hilton Food Group PLC
10 January 2019
10(th) January 2019
HILTON FOOD GROUP plc
TRADING UPDATE FOR THE 52 WEEKS ENDED 30(th) DECEMBER 2018
Hilton Food Group plc ("Hilton" or the "Group"), the leading
specialist international food packing business, today provides a
trading update for the 52 weeks ended 30(th) December 2018. The
Group intends to publish its full year results on 27(th) March
2019.
We are pleased to report the Group has performed in line with
the Board's expectations, with a continuation of the strong
year-on-year sales growth driven by Seachill and our operations in
Australia and reflecting growth in a number of existing and new
markets.
In Western Europe, we have continued to grow the business, with
higher turnover particularly in the UK and Ireland. In the UK,
there was steady growth in the red meats segment as well as a
significant contribution from Seachill, which has also benefitted
from the Tesco shellfish business that was referred to in the
November Trading update. In both Sweden and Denmark, sales were a
little lower, though with strong Christmas fresh pizza sales in
Sweden and emerging opportunities elsewhere. In Holland, although
sales were lower, reflecting consumer demand, the Group has
continued to perform well. We are also pleased with the progress
Foods Connected has made, with additional customers signed up to
the information and commercial support platform, along with the
continued success of Hilton Food Solutions, our trading subsidiary,
which has also started to supply the food service sector. The joint
venture in Portugal is also continuing to show good progress. We
believe that in overall terms there are significant opportunities
to ensure continued momentum.
In Central Europe, performance has continued to improve as
expected in the second half of the year.
Hilton's business in Australia has also progressed well,
delivering strong year-on-year double digit growth, driven by the
incremental volume in the satellite facility in Brisbane as well as
by higher Victoria plant volumes. Development work for the new
Queensland facility continues ahead of the original plan, with
production start-up anticipated towards the end of the third
quarter of 2019.
Hilton's trading outlook remains positive, with growth prospects
underpinned by the expansion plans previously announced covering
Australia, Central Europe and subsequently New Zealand, as well as
further opportunities arising from the Seachill acquisition. After
a year of capacity expansion across the Group, which has increased
net debt, Hilton's financial position remains strong, with
incremental facilities having been agreed with a multi-bank club to
fund additional expansion opportunities as they arise. Hilton
remains well placed to deliver continued growth over the medium
term enhanced by further opportunities to develop our cross
category business in both domestic and overseas markets.
Enquiries:
Hilton Food Group plc Tel: +44 (0)1480 387214
Robert Watson, OBE, Executive Chairman
Philip Heffer , Chief Executive Officer
Nigel Majewski, Chief Financial Officer
Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Angharad Couch
Ellen Wilton
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation.
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END
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