Hilton Food trades in line with FY expectations

Food packing business Hilton Food Group performed in line with expectations in 2019, with strong sales and volume growth driven by its Australian operations.

In a trading update, Hilton also reported good growth in a number of existing and new markets.

In Western Europe, the FTSE 250-listed firm continued to grow, with higher turnover particularly in the UK, where it started to pack all of Tesco's beef and lamb from July.

Additionally, Dalco, Hilton's vegetarian and vegan business, was said to have "progressed well" with listings also secured across a number of our retail customers.

In Central Europe, Hilton said it was "pleased" with the performance of its new fresh food factory and had started to add more customers on that side of the business.

Looking forward, Hilton said its trading outlook remained "positive", with significant growth prospects underpinned by its expansion plans in Australia, Central Europe and New Zealand

"Hilton's financial position remains strong, underpinned by good operating cash flow and with incremental facilities to fund additional expansion opportunities," said the group.

"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."

As of 0900 GMT, Hilton shares were up 6.52% at 1,120.62p.