Hilton Food Group, the UK own-label meat supplier, has reported an increase in profits for the first half of its financial year despite a fall in sales.
For the six months ended 12 July, Hilton Food Group reported profit after tax increase of 0.9% to GBP10.3m (US$15.8m). Operating profit increased 1.3% to GBP13.7m.
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Turnover, however, fell 2.2% to GBP579.2m. Hilton said turnover was impacted by adverse currency translation movements that reduced turnover by 7.7% and by challenging trading conditions in Sweden and Denmark.
Robert Watson, CEO of Hilton Food Group, said: "We have achieved good growth despite challenging market conditions in some countries, with profitability at constant exchange rates increasing strongly. Strategically we continue to make sound progress, with the major capital investments made in the UK and Sweden in 2014 now bedded in and the new facility in Victoria, Australia having commenced production. Our aim continues to be to extend the geographic reach of the Hilton model and to explore and evaluate new expansion opportunities as they arise".
Hilton said for the remainder of the year it expected to achieve results in line with the board's expectations.
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