Core Meat category and seafood recovery generates robust performance for Hilton Foods Group

Remaining focussed and executing strategy has helped Hilton Foods Group drive a good performance against a challenging market, announced, Steve Murrells CBE.

The chief executive officer of the group said he is particularly pleased with the results in the seafood category, returning to full year operating profitability following a successful turnaround.

“Our core meat category performed strongly and we worked closely with customers to offer the highest quality and most relevant food
products to consumers,” Murrells said.

Business highlights across all aspects of the business included:

• Seafood recovery delivered ahead of plan, returning to full year operating profitability and supporting uplift in Group PBT
• Core meat category continued to perform well; strong meat volume growth in APAC and a resilient outturn in Europe and UK, achieved against inflationary backdrop
• Growth of international customer base via new deal with Walmart in Canada; organic growth achieved with existing customers, such as the successful launch of a Swedish food park
• Action taken in vegan and vegetarian to successfully consolidate business to a single operating facility
• Industry-leading technology continued to provide competitive edge
• Progress in Sustainable Protein Plan, a central foundation to a commercial offer; more ambitious validated SBTi targets in line with 1.5°C pathway
• Innovation across outstanding food products, supporting customers in response to changing consumer trends.
• Great value protein ranges and healthy new pre-prepared products launched

In discussing the outlook and current trading, the board said 2024 trading has started in line with its expectations although markets remain challenging.

Hilton Foods Group is confident the business is well placed, within a large and attractive international market, to continue to deliver its strategy to create long term value for shareholders, through its protein products, dedicated partnerships, leading technology offer through Greenchain Solutions and a robust sustainability plan.

Growth prospects are underpinned by the strength of the core meat business, the continued recovery in seafood and in the medium term our recent acquisitions and the developing relationship with Walmart in Canada. The Group’s financial position remains strong, with improving leverage and headroom, and continues to explore new growth opportunities with existing partners, wider geographic expansion and complementary M&A.

Steve Murrells CBE Hilton Foods chief executive officer, said: “As I set out at our investor day in November, Hilton Foods has the right attributes in place to unlock growth organically and with new customers thanks to our multi-category product offer, industry leading technology and rigorous sustainability credentials. I’d like to thank all our teams across our markets for their continued hard work and contribution over the year; we are well-placed as we look to the future.”

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