Hilton Food Group PLC Trading Update (7500E)

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RNS Number : 7500E

Hilton Food Group PLC

21 July 2016

21(st) July 2016

Hilton Food Group plc

TRADING UPDATE

Hilton Food Group plc ("Hilton" or the "Group"), the leading international specialist retail meat packing business, provides a trading update for the 28 weeks ended 17(th) July 2016.

During the period, the Group's performance has been in line with the Board's expectations. We have continued to grow the business, through additional volumes and close cooperation with our retail partners. The Group has also benefited from the strength of the currencies in which it operates relative to sterling.

In Western Europe, we have made good progress in a number of markets. In the UK, volumes are higher than in 2015, when they were still building up during the bedding-in phase following the expansion of the production facility. In the Dutch market, we continue to see volume growth. We are also encouraged by the performance of our business in Ireland, where we have seen growth in the first half of 2016. In Sweden, volumes have been flat and turnover up, reflecting the availability and price of Swedish pork. We have also agreed with our customer ICA, the leading retailer in Sweden, to supply fresh pizzas to its stores, which is expected to commence towards the end of 2016. In Denmark, conditions remain challenging whilst in Central Europe, where Hilton supplies customers in seven countries, we have seen volume growth.

In Australia, the volume build up from the joint venture's plant in Victoria continues in line with the agreed plan.

As indicated in our announcement dated 6(th) July 2016, we have recently signed a co-operation agreement with Sonae in Portugal which is expected to lead to a joint venture agreement at some point.

The Group's financial position remains strong and Hilton continues to explore opportunities to grow the business in both domestic and overseas markets.

The Group intends to publish its interim results for the 28 weeks ended 17(th) July 2016 on 13(th) September 2016.

 
 For further information 
  please contact: 
 Hilton Food Group plc        Tel: [phone] 
  Robert Watson, OBE, Chief 
  Executive 
  Nigel Majewski, Chief 
  Financial Officer 
 Citigate Dewe Rogerson 
  Maria Darby-Walker            Tel: [phone] 
  Ellen Wilton                  2840 
                                Tel: [phone] 
                                2849 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 21, 2016 02:00 ET (06:00 GMT)