UK meat packer Hilton Food Group has said its first-half results are "in line" with expectations as it battles depressed consumer sentiment throughout Europe.
In its interim update today (6 November), the company said "steady progress" had been made in Western Europe, with volume gains in Holland and the UK. The group described its performance in the challenging markets of Sweden, Ireland and Denmark as "steady".
"Overall, we are encouraged by Hilton's progress this year against the backdrop of challenging market conditions," the company said.
Hilton has a strong balance sheet and the company has previously indicated it is looking at how to best use its cash to expand in the UK and overseas.
INTERIM MANAGEMENT STATEMENT
Hilton Food Group plc, Europe's leading specialist retail meat packing business, provides its interim management statement for the period from 16th July 2012 to date.
Trading for the period across the Group's operations has been in line with the Board's expectations. In Western Europe we have made steady progress, with volumes picking up in Holland and the UK, where Hilton has supported its customers with a number of initiatives. Our performance in Sweden, Ireland and Denmark has been steady since the half year; we are pleased with the continuing roll-out of the store-order picking facility in Denmark, where we have now started to pick third-party products. In Central Europe, the Group's trading performance has been in line with our expectations.
Overall, we are encouraged by Hilton's progress this year against the backdrop of challenging market conditions. The Group's financial position remains strong, there having been no significant change to the balance sheet position since the Half Year. Hilton continues to explore opportunities to grow the business in both domestic and overseas markets.
The Group expects to issue a pre-close trading statement on 10th January 2013 and to announce its preliminary results for the 52 weeks ended 30th December 2012 on 28th March 2013.
Original source: Hilton Food Group
