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Hilton Food in line with expectations

By BFN News | 07:11 AM | Thursday 21 July, 2016


Hilton Food (HFG) performed in line with the board's expectations. The company continued to grow the business, through additional volumes and close cooperation with our retail partners. The group also benefited from the strength of the currencies in which it operates relative to sterling. In Western Europe, the company made good progress in a number of markets. In the UK, volumes are higher than in 2015, when they were still building up during the bedding-in phase following the expansion of the production facility. In the Dutch market, the company continue to see volume growth. Hilton Food said they were also encouraged by the performance of its business in Ireland, with growth in the first half of 2016. In Sweden, volumes have been flat and turnover up, reflecting the availability and price of Swedish pork. The company agreed with a customer ICA, the leading retailer in Sweden, to supply fresh pizzas to its stores, which is expected to commence towards the end of 2016. In Denmark, conditions remain challenging whilst in Central Europe, where Hilton supplies customers in seven countries, there was volume growth. In Australia, the volume build up from the joint venture's plant in Victoria continues in line with the agreed plan. The company recently signed a co-operation agreement with Sonae in Portugal which is expected to lead to a joint venture agreement at some point. The group's financial position remains strong and Hilton continues to explore opportunities to grow the business in both domestic and overseas markets. The group intends to publish its interim results for the 28 weeks ended 17 July on 13 September 2016. Story provided by StockMarketWire.com

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