TIDMHFG

RNS Number : 4855B

Hilton Food Group PLC

11 January 2018

11(th) January 2018

HILTON FOOD GROUP plc

TRADING UPDATE FOR THE 52 WEEKS ENDED 31(st) DECEMBER 2017

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 31(st) December 2017. The Group intends to publish its full year results on 28(th) March 2018.

We are pleased to report the Group has performed in line with the Board's expectations. This reflects growth in a number of existing and new markets, as well as the positive impact of foreign currency translation.

In Western Europe, we have continued to grow the business, with higher turnover particularly in the UK and Ireland. In both Sweden and Denmark, sales have been slightly up, with strong Christmas fresh pizza sales in Sweden. In Holland, although sales were lower, reflecting consumer demand, we have continued to perform well. In Central Europe, performance has improved in the second half in line with our expectations, as we continue to adapt our business model to the local environment. 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.

SOHI Meat Solutions, our joint venture company in Portugal, has continued to demonstrate progress as we execute against the development plan in conjunction with Sonae, our joint venture partner.

Hilton's joint venture in Australia has also progressed well, with the Victoria plant delivering year-on-year growth as expected. Development work for the new Queensland facility has continued in line with plan, with construction having commenced. We were also very pleased to announce a further expansion of our business cooperation with Woolworths Australia, having signed an agreement to construct a plant in Auckland, New Zealand, for Woolworth's subsidiary Progressive Enterprises Ltd.

Following the General Meeting on 6(th) November, we completed the acquisition of Icelandic Group UK Ltd ("Seachill"), the leading UK fish packing and processing company, for GBP80.8m. This was funded partly from the proceeds of a placing of new ordinary shares which raised GBP55.9m and partly through debt financing.

Hilton's trading outlook remains positive, with growth prospects underpinned by the expansion plans announced in the last year covering Australia, Portugal, Central Europe and New Zealand, as well as further opportunities arising from the Seachill acquisition. The Group's financial position is strong, positioning us well for further expansion. 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, Chief 
  Executive 
 Nigel Majewski, Chief 
  Financial Officer 
 
 Citigate Dewe Rogerson     Tel: +44 (0) 
                             20 7638 9571 
 Angharad Couch 
  Ellen Wilton

This information is provided by RNS

The company news service from the London Stock Exchange

END

TSTSFAFSSFASEDF

(END) Dow Jones Newswires

January 11, 2018 02:00 ET (07:00 GMT)

Hilton Food (LSE:HFG)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Hilton Food Charts.
Hilton Food (LSE:HFG)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Hilton Food Charts.