Hilton Performing as Forecast13 January 2014
EU - European meat packing company Hilton Food Group performed in line with the board’s expectations for the year ending 29 December.
In Western Europe, new products in Holland, a new production line in Denmark and the performance of the company’s UK business were the primary drivers of turnover growth in that region.
Growth in these countries was partly offset by weak demand in Ireland, which has not yet resumed growth and a steady performance in Sweden, reflecting economic conditions in the country.
In Central Europe, the Group’s trading has been in line with our expectations despite challenging market conditions.
Hilton said its joint venture in Australia continues to make good progress.
New packaging formats have been launched for pork, lamb and beef in Western Australia and a large part of the Bunbury plant reconfiguration has now been completed.
In Victoria, preparation for the construction of the new facility in Melbourne is underway.
Hilton is also now providing support to Woolworths with the operation of its Brismeats plant near Brisbane.
As reported in the company’s recent update regarding Western Europe made on 2 December 2013, Hilton said it expects the impact of consumer weakness in Western Europe to be wholly offset over 2014 by the positive effect of a new agreement with Tesco in the UK, for which the full benefit is expected in subsequent years.
“The Group's balance sheet remains strong, leaving us well positioned for future expansion and we remain well placed to deliver continued growth over the medium term and will continue to explore further opportunities to develop our business in both domestic and overseas markets,” said a company spokesman.
The Group intends to publish its full year results on Thursday 27 March 2014.
TheMeatSite News Desk