Hilton Food reports positive results despite Covid challenges
By Jenny McCall
07:31, 16 September 2021
The Huntingdon, UK-based food production business, Hilton Food Group has reported a rise in revenue for the first six months to 18 July 2021 on Thursday, following a strong performance from its Australian joint venture and growth in fish and plant-based foods.
The company reported in its trading statement a increase in revenue to £1.71bn compared to the same period last year of £1.26bn. Adjusted operating profit was £39.0m versus last year’s figure of £31.5m. The group’s adjusted basic earnings per share also increased from 25.9p to 32.4p.
Hilton Food said revenue growth was driven by its Australia joint venture transition and growth in fish, plant-based and fresh food categories.
Resilience despite pandemic challenges
The group said that despite the challenges that Covid-19 has brought to the economy, its business has been resilient.
Hilton also announced that it had recently reached an agreement to acquire the remaining 50% stake in its Dalco Food BV joint partner, a leading vegan and vegetarian manufacturer.
“This acquisition is in line with our strategy to further diversify and strengthen our protein offering within the fast-growing vegan and vegetarian market. Following this agreement there will be investment to significantly increase capacity to customers, grow its ranges and develop new, innovative, plant-based products,” the statement said.
“Another strong performance”
Commenting on the results, Philip Heffer, group CEO, said: “This has been another strong performance, delivering both volume and profit growth in the face of ongoing disruption as a result of Covid-19. The results we have published today demonstrate the resilience of our business model and our ability to create sustainable value by working in dedicated partnerships with our customers and suppliers around the world.”
Hilton Food said that it will maintain its dividend policy, approving the payment of an interim dividend of 8.2p per ordinary share and a payment amounting to £6.7m, which will be paid on 3 December 2021 to shareholders.
The stock price for Hilton Food was up 1.83% at £11.14 in early morning trading today.