Hilton says seafood turnaround contributed to revenue growth

A strong performance by its UK seafood subsidiary contributed to a successful 2023, according to multinational producer Hilton Food Group.

In its trading update for the 52 weeks ending 31 December 2023, Hilton said it expects to report revenue for the year in line with the board’s expectations.

Hilton also said: “Trading during the key festive period was strong, with +3% volume growth in December compared to the same period last year.”

It added: “UK Seafood has performed ahead of our turnaround targets with the business generating operating profits throughout the second half of the year and for the full year in total.”

Hilton Seafood UK is the leading supplier of chilled fish to the UK retail market.

Dutch salmon specialist Foppen, which Hilton acquired in late 2021, saw continued growth and contributed to overall year-on-year growth for Hilton’s European operations.

The company strategy has been underpinned by its “Sustainable Protein Plan”.

Hilton said: “We have submitted more ambitious Science Based Targets across Scope 1, 2 and 3 emissions aligned to 1.5 ̊C pathway. Continuing to improve the efficiency of our state-of-the-art facilities is a key area of focus within this plan; 10 of them have now achieved ISO 50001 accreditation in recognition of the focus we place on energy management and efficiency throughout the business with further roll out planned throughout 2024.”

The Board said it is confident in the outlook for 2024, underpinned by positive recent trading and the Group’s strong financial position and cash flows with reduced leverage and comfortable headroom. The group’s highly automated supply chain and leading technology meant it was in a strong position, the statement added.

Steve Murrells CBE, Hilton Foods Chief Executive Officer, said: “We finished the year with posive festive trading, and full year performance in-line with expectations. Our Christmas period was supported by the strength of our high quality and relevant products. Over the year, we have developed our technology and supply chain capabilities, and underpinned by our Sustainable Protein Plan, we have continued to support our customers, providing them with relevant, high-quality proteins that consumers want on their plate. We were delighted to announce a long-term supply agreement with Walmart Canada in September and looking ahead, we remain confident that Hilton’s inherent strengths leaves the Group well-placed to grow further with new and existing customers as we remain focused on becoming the international protein partner of choice.”

Hilton expects to publish its preliminary results for the 52 weeks ending 31 December 2023 on 3 April 2024.