Meat firm Hilton Food Group has said its third-quarter trading performance was “in line” with expectations, with a recovery in the UK and good progress in Australia boosting the result.
In an interim management statement released today (5 November), Hilton said it made “good progress” in western Europe, with growing volumes in Denmark, new product launches in Holland and a pick up in trading conditions in the UK. However, the firm added that its Irish business “has not yet resumed growth”.
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Elsewhere, in central Europe Hilton said trading was “in line” and in Australia the company has made “good progress” in its fledgling joint venture with retailer Woolworths Ltd.
Hilton emphasised that, with its strong finacial position, it “continues to explore opportunities to grow the business” in the UK and overseas.
Commenting on the trading update, Shore Capital analyst Darren Shirley said he expected third quarter trading “similar to the c9% revenue growth (constant currency) reported for H1”. Volumes, he said, were expected to remain in the low single-digits.
Looking to the full year, Shirley forecast pre-tax profit of GBP25.0m and EPS of 25.2p, after GBP1m cost associated with Australian business.
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