Hilton Food: Sterling Appreciation has Impacted Results

LONDON--Meat packaging company Hilton Food Group PLC (HFG.LN) said Wednesday that trading, in the period from Dec. 30, 2013, to date has remained in line with expectations, and added that the recent appreciation of Sterling has impacted the company's results, which are reported in Sterling.

MAIN FACTS:

-U.K. volumes have started to build towards anticipated levels; Incurring start-up costs associated with the new Tesco agreement.

-Benefiting from new product lines in the Dutch market.

-Denmark facility, including the store order picking facility, has continued to meet customer requirements.

-Development work to renew facilities and extend capacity in Sweden is proceeding as anticipated.

-Irish business, as expected, remains constrained by local conditions.

-Business in Central Europe, where Hilton supplies customers in seven countries, has performed in line with the Board's expectations.

-In Australia, development work by joint venture at Victoria is proceeding in line with the agreed plan with construction well underway; Volumes at Bunbury have continued to build.

-Financial position remains strong, with capital expenditure in both the U.K. and Sweden resulting in the expected increase in debt levels.

-Continues to explore opportunities to grow the business in both domestic and overseas markets.

-Shares on Tuesday closed at 529 pence, valuing the company at GBP383 million.

-Write to Tapan Panchal at [e-mail]

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