Adjusted profit before tax edged up 0.3% to £33.6 million
LONDON: Hilton Foods on Wednesday reported a 10.4% rise in revenue on a constant currency basis for the 26 weeks ended June 29, 2025, driven by strong retail meat and convenience sales across all regions despite inflationary headwinds.
Volume rose 2.5% year-on-year to 267,405 tonnes, while statutory revenue climbed 7.6% to £2.09 billion. Adjusted profit before tax edged up 0.3% to £33.6 million, though statutory profit before tax declined 4.7% to £24.3 million.
Retail meat and convenience outperformed the market with 3.1% volume growth, supported by efficient operations and robust retail partnerships. However, seafood sales in the UK were impacted by reduced demand for white fish amid rising raw material costs. In Europe, the Foppen smoked salmon business faced operational disruptions due to regulatory restrictions on U.S. shipments.
CEO Steve Murrells said the company remains on track to meet full-year expectations and is progressing with strategic expansion plans, including a Saudi Arabia joint venture with NADEC launching in H2 2026 and a Canadian rollout with Walmart in early 2027.
“We’ve responded with agility to market-driven pressures and continue to build on our core strengths,” Murrells said. “Our global capabilities and customer relationships provide a strong foundation for sustainable growth.”
Hilton Foods declared an interim dividend of 10.1p, up from 9.6p last year. Net bank debt rose to £202.4 million, reflecting increased inventory and capital investment in Canada.
The company also welcomed a new strategic partner to its Foods Connected platform in July, aiming to accelerate digital growth opportunities.