Hilton Foods shares rise on in-line trading update

(Sharecast News) - Hilton Foods shares were rising on Tuesday after the food producer said third-quarter revenues had increased, as strong operating momentum seen in the first half continued. The company, which specialises in meat processing and packing services, said it continues to trade in line with the board's expectations, and that the financial position remains strong with leverage at "comfortable levels".

Revenue in the period between 16 July and 29 October was said to be ahead of the prior year, though the company did not disclose by how much, following a 5.2% increase in sales to £2.1bn in the first half.

The company said it saw continued progress, despite the ongoing impact of raw material price increases, after a strong performance in the Asia Pacific region, strength in the core meat category, and the benefits of a full year of trading of the Foppen business in Europe following its acquisition in 2022.

"Our industry leading technology and outstanding multi-category food products provide us with a strong platform for sustained growth and we continue to explore opportunities in our existing and new markets as we deliver on our strategy of becoming the international protein partner of choice," Hilton Foods said.

The share price was up 3.7% at 670p by 0954 GMT.