Hilton Food Group posted an increase in first-half pre-tax profit today (10 September), on the back of strong volume growth and positive impact from foreign currency translation.
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For the 28 weeks to 12 July, profit before taxation reached GBP10.4m (US$17.2m) from GBP9.7m in the previous year.
Turnover also increased, by 13% from last year to reach GBP427.2m. The increase is above the level of volume gains, helped by the favourable impact of currency translation. Raw material prices increased slightly, but the effect on turnover was offset by a higher proportion of lower priced mince products in the sales mix.
Operating profit for the first-half was GBP11.5m, 3% ahead of the GBP11.2m earned in the corresponding period in 2008. The figure benefited from higher volumes, but was moderated by the effect of continued consumer down trading.
Robert Watson, chief executive said: “I am pleased to report that in a challenging economic environment our trading over the first 28 weeks of 2009 has been resilient and in line with the board’s expectations.
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By GlobalData“We have continued to grow the business through new product initiatives as well as achieving growth in new markets, such as Central Europe, whilst our modern well invested facilities have enabled us to support our customers in our established markets.”
Despite a “depressed economic backdrop across Europe”, Hilton said it expects to meet its forecasts for the 2009 financial year.
