Hilton Foods’ seafood and core meat divisions helped bolster the meatpacker’s first-half results as the company geared up for further growth.
The FTSE 250 constituent, which had struggled to deal with the rampant inflationary pressures of the last two years, posted a 23.2 per cent rise in adjusted operating profit to £46.9m on a constant currency basis in the six months to 30 June.
Volumes increased by 3.2 per cent in the 26-week reporting period.
Statutory profit also jumped 42 per cent to £43.6m at the acquisitive firm, which said earlier this year it is planning further expansion and more takeovers.
Cash flow strengthened from £18.9m in the year prior to £34.7m this year. It also paid down over £100m of its net bank debt to £137m from £216m in July 2023.
Steve Murrells CBE, Hilton Foods chief executive officer, said: “These results represent another step forward as Hilton Foods further improves business performance and profitability.
“Our core meat category performed particularly well, driving volume growth, while the continued positive momentum in our seafood business has helped to underpin profit performance.”
Murrells, who used to head up the Co-op, added: “As I look ahead, Hilton Foods has all the right attributes in place. Our strong financial platform, unique multi-category offer, and market-leading technology adds to my confidence in the Group’s ability to achieve further international growth.”
The food processing giant, which has operations in the UK, Ireland, APAC and much of Europe, confirmed that new processing plant in Canada remains on track for a 2027 opening.
The site will supply meat to much of Walmart Canada, after the London-listed firm signed a landmark long-term supply deal with the supermarket chain towards the end of last year.