Hilton Food says trading in line as sales rise

(Sharecast News) - Hilton Food said trading has been in line with board's expectations, with sales ahead of the prior year. In a trading update for the year to date, the company said the performance reflected continued increases in raw materials prices and the positive effect of a full year of ownership of Foppen following its acquisition in March 2022.

UK & Ireland sales were ahead of last year with higher raw material prices continue to have an impact on volumes, the company said.

"The ongoing turnaround plan in our UK Seafood business remains on track to deliver against our performance improvement and cost saving targets," Hilton said.

"In Europe, revenue is ahead of the previous year, as a result of the benefits from the acquisition of Foppen and particularly strong trading in our Scandinavian markets. The development of our Swedish food park continues, and we remain on target to commence production of convenience products in Q4 of this year."

Reporting by Frank Prenesti for Sharecast.com