Hilton Food Group’s 2013 operating profit was “marginally below” last year’s levels due to increased levels of investment in the UK meat business.
The company said operating profit dipped 0.7% to GBP25.8m (US$42.9m) in 2013. During the year, the company embarked on a number of strategic initiatives to position Hilton for future growth. These included the establishment of a joint venture in Australia with the country’s largest retailer, Woolworths. Start up costs associated with this totalled GBP1.4m.
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The group’s net income in 2013 stood at GBP17.8m, 1.4% higher than in 2012. The bottom line was boosted by reduced debt levels and strong free cash flow, Hilton said.
Value sales rose 9.1% to GBP1.12bn. Value sales growth was supported by higher pricing and favourable currency exchange impact. Volume sales rose 2% with product launches in Holland and Denmark offsetting weak consumer spending power in Ireland and Central Europe.
Panmure Gordon analyst Graham Jones said that Hilton delivered a “solid” full-year performance. “Hilton delivered a solid profit performance, impressive cash generation and very significant business wins in 2013,” he wrote in a note to investors.
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