Trading Statement

RNS Number : 7315K

Hilton Food Group PLC

21 July 2011

 



HILTON FOOD GROUP PLC

            TRADING STATEMENT FOR THE 28 WEEKS ENDED 17th  JULY 2011

Hilton Food Group plc ("Hilton" or "the Company"), Europe's leading specialist retail meat packing business, is today providing an update on trading for the 28 weeks ended 17th July  2011.

We are pleased to report that trading for the period has been in line with the Board's expectations. Despite challenging conditions in some markets, the Company has delivered further turnover growth. Raw material prices throughout the period have been at higher levels than last year.

We have seen good turnover growth in Western Europe, which has benefited from a strong performance in Sweden where the economic recovery has continued. In Denmark, where our facility opened three months ahead of schedule, volumes have started to grow. Management is pleased with the resilience of Hilton's business in Ireland, where we have worked closely with our customer to deliver value to the consumer through exceptional economic conditions. The Company has also continued to grow the business in Central Europe, where we are benefiting from the first full year of sales to Rimi in Estonia

The Company's balance sheet remains strong. As expected, net debt has increased, reflecting completion of the first phase of investment in Denmark. We remain financially well placed for future expansion.

The trading environment for the rest of 2011 is likely to remain challenging, with economic recovery across the European countries in which we operate moving at different speeds. However, as a geographically diversified Company, Hilton is well placed to deliver further growth and we continue to explore further opportunities to develop our business in both existing territories and new markets.

The Group intends to publish its half year results on Tuesday 13th September 2011.

For further information please contact: 

Hilton Food Group plc                                             Tel: [phone]

Robert Watson OBE, Chief Executive

Nigel Majewski, Finance Director

Citigate Dewe Rogerson                                         Tel: [phone]

Tom Baldock

Clare Simonds

 

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