Hilton Food Group plans further expansion and more takeovers
Hilton Food Group is planning further geographic expansion and potential takeover deals after profits jumped by nearly two-thirds last year.
The food packaging company, which supplies major supermarkets including Tesco, Morrisons, and Waitrose, reported bumper pre-tax profits growth of 64.2 percent to £ 48.6 million in 2023.
Its UK seafood arm returned to operating profitability thanks to price hikes and new business contracts after being heavily impacted the previous year by surging cost inflation and supply chain disruption.
Hilton’s core meat segment also performed strongly amid volume growth in the Asia-Pacific region and a ‘resilient outturn’ across the UK and Europe.
In the British Isles, the firm’s revenue increased by 3.7 per cent at constant currency levels to £1.33billion as raw material price rises offset declining volumes.
Steve Murrells CBE, chief executive of Hilton Foods, said: ‘Over the past year, we’ve remained focused on executing our strategy, which has resulted in a good performance against a challenging market.
‘I am particularly pleased with the results in our seafood category, returning to full-year operating profitability following a successful turnaround.’
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