# Hilton Food Group outlook remains positive

- Link: https://www.directorstalkinterviews.com/hilton-food-group-outlook-remains-positive/412809800
- Published: 2020-03-25T08:39:59+00:00
- Author: Giles Arbor

**Hilton Food Group plc** (LON:HFG), the leading specialist international food packing
business, has today announced a delay in publication of its preliminary results 
at the request of the Financial Conduct Authority (FCA). Hilton was ready and intended
to release its preliminary results on 26th March 2020.

Hilton is a geographically diversified Group with state-of-the-art packing facilities
in eight countries covering UK, Europe and Australia. We are pleased to report that
the Group has performed slightly ahead of the Board’s expectations, with a continuation
of the strong year-on-year sales and volume growth during financial year 2019 driven
primarily by our operations in both Australia as well as the UK, and also reflecting
good growth in a number of existing and new markets.

We have also seen good growth across the proteins, covering Dalco, our vegetarian
and vegan business in Holland, as well as the new Fresh Food facility which opened
during 2019 in Poland.

Hilton’s business in Australia has performed well, delivering strong year-on-year
growth, reflecting the volumes from the new plant in Heathwood in Brisbane, as well
as incremental volumes from our plant in Victoria. We expect the previously announced
acquisition of the joint venture assets from Woolworths to take place at the end
of June 2020.

Hilton’s trading outlook remains positive, with significant growth prospects underpinned
by the previously announced expansion plans in Australia, in Central Europe (Fresh
Food) and subsequently in New Zealand, as well as further opportunities arising 
from the move into fish via the Seachill acquisition and the roll-out of vegetarian
products. Hilton’s financial position remains strong, having completed 2019 with
net bank debt of £87m (net of cash of £110m) underpinned by good operating cash 
flow and with incremental facilities to fund additional expansion opportunities.
Committed undrawn facilities at the year end were £71m, with additional incremental
facilities of c. £45m being added in January to fund the purchase of the Australian
joint venture assets. Hilton remains well placed to deliver continued growth over
the medium term enhanced by further opportunities to develop our cross category 
business in both domestic and overseas markets.

Overall, during the currently evolving Covid-19 outbreak, we remain focussed during
these challenging times on the wellbeing of employees and working with our customers,
themselves market leaders and key suppliers across our territories, to help meet
the currently increasing consumer demand for protein-based products. We have also
established a number of protocols to protect our people and to minimise contact 
with our groups. All of our facilities remain fully operational, and in addition
we have established business continuity and flexible buy models and supply options,
which may be tested during this period as we continue to play our part in feeding
the nation and supporting ongoing demand.

Hilton Food Group state they will await further guidance from the FCA as regards
the timing of the publication of the preliminary results.

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