Hilton Foods Sees Profits Rise As Meat Category Boosts Volume Growth

Hilton Food Group has experienced a significant increase in profits during the first half of the year, driven by robust volume growth in its core meat category. Hilton Foods sees profits rise as meat category boosts volume growth.

For the 26 weeks ending June 30, the company reported an adjusted pre-tax profit of £33.5 million, reflecting a 25.3% increase. This growth was supported by “continued positive momentum” in Hilton’s seafood division, according to CEO Steve Murrells. While volumes grew by 3.2%, sales saw only a 1% increase on a like-for-like basis and declined by 8.4% on a statutory basis to £1.94 billion.

Murrells stated, “Our core product ranges remain highly appealing to both our customers and their consumers, and the breadth of our offerings positions us well to succeed across all meal occasions, in both retail and food service.” He also highlighted the hard work of the teams, along with proprietary technology and innovative practices, as key factors in strengthening customer relationships during this period.

Hilton expressed that it is “well-positioned” and is on track to meet expectations for the full year. Murrells noted, “As I look ahead, Hilton Foods has all the right attributes in place. Our strong financial foundation, unique multi-category offering, and market-leading technology give me confidence in the group’s ability to achieve further international growth.” Hilton Foods sees profits rise as meat category boosts volume growth, underscoring its positive trajectory.

Additionally, the company announced that Mark Allen, chair of AG Barr and former CEO of Dairy Crest Group, will join Hilton as a non-executive director and chair designate starting October 1. He will take over as chair on January 1, 2025, when Robert Watson steps down after more than two decades with the company.

Watson remarked, “After over 20 years at Hilton Foods, the time is right to continue evolving our leadership. I am pleased that Mark will join the board and succeed me as chair next year. I am proud of what we have accomplished at Hilton Foods, and I will leave the company in a stronger position than ever.”

Allen expressed his enthusiasm, stating, “I am thrilled to be joining such a fantastic business, with exceptional people and a strong leadership team. This is an exciting time for Hilton Foods, and I look forward to building on the excellent progress made under Robert’s leadership.” Hilton Foods sees profits rise as meat category boosts volume growth, highlighting the brand’s ongoing success and promising future.