UK-based meat packer Hilton Food Group booked an increase in full-year profits boosted by new products and continued investment across Europe.
For the 53 weeks ended 3 January, profit before taxation rose by 16% to GBP20.1m (US$30.4m). Basic earnings per share rose 22% to 20.1p in 2009, the increase reflecting increased operating profit, reduced interest costs and a lower effective taxation rate.
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In 2009 Hilton Food Group increased volumes of meat packed for its customers by 14%, with revenue rising by over 13% to GBP826.1m. The growth reflected the volume gain, while the impact of a higher percentage of lower-priced mince and pork products being largely offset by favourable currency movements over the year.
Hilton said its strongest expansion was achieved at its businesses in Central Europe, the Netherlands and Ireland. A “large proportion” of Hilton’s business is now conducted outside the UK.
Robert Watson, chief executive, said: “Trading has been strong and further geographical expansion has been secured. Good volume and turnover growth was achieved across the range of territories in which Hilton operates, during a year which saw success achieved with new product initiatives and continued investment in our facilities across Europe.”
In November, Hilton struck a deal to supply Danish retailer Coop Danmark, whose customer base includes Tesco and Ahold.
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By GlobalDataThe deal will see Hilton supply Coop Danmark’s 1,200 stores from a newly-built distribution centre in Aarhus. The business is expected to create around 220 jobs.
Production from the new facility is expected to start in the second quarter of 2011, Hilton said today.
