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Hilton Food Sees Full-year Operating Profit To Be Below Expectations

Hilton Food Group plc (HFG), engaged in food packaging business on Tuesday said that it anticipates operating profit for the full year to be below its expectations. The revised outlook comes amidst challenges in the UK Seafood business as well as in the macro-economic environment.

In its autumn trading update, the international multi-protein food business said its volume and revenue have been in line with expectations.

In APAC, trading was in-line with expectations, with the New Zealand food park continuing to make excellent progress with strong volume and revenue growth.

In Europe, the company said its single customer facilities performed well with revenue ahead of the same period last year, primarily driven by higher input prices. Strong trading was observed in the Scandinavian markets as well as in Central Europe, driven by the continued strong performance of the fresh food business.

In the European multi-customer businesses, overall trading conditions have improved as the company instigated a number of cost savings initiatives and continued investments in automation, the benefits of which the company expects to see in 2023.

Shares of Hilton Food Group closed Monday's trading at 634 pence, up 21 pence or 3.43 percent from the previous close.

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