Hilton Foods 2017 interim results
Volume growth driven by Australia, Ireland, Sweden and Portugal partly offset by challenging market conditions in Central Europe
Turnover up 3.3% on a constant currency basis, reflecting raw material prices increases, enhanced by favourable currency translation
Operating profit up 1.4% on a constant currency basis after absorbing start-up costs in Europe, initial Queensland costs and weaker trading in Central Europe,
Portuguese joint venture has started well with significant volumes
Agreement since the end of the half year to supply fresh food to Tesco Central Europe
Continued strong cash generation and an ungeared balance sheet
Interim dividend increased from 4.6p to 5.0p, an increase of 8.7%
Commenting on the results, Chief Executive Robert Watson OBE said:
"Hilton delivered strong volume and profit growth during the period. Our strategic progress continued with entry into Portugal and expansion recently announced in Central Europe where beef deboning has commenced and a fresh food factory will be developed. The initial work on our new factory in Queensland, Australia continues with the planning approvals process well advanced. We remain committed to growing our business through innovation and product development as well as exploring a range of new expansion opportunities to further our geographic reach."
