Huntingdon, U.K.-based Hilton Food Group reported Q3 2022 sales and revenue in line with its expectations, despite the headwind of inflationary pressures.
However, the company said profit levels for its seafood business for 2022 will not meet previous expectations, though it said the group was “well-placed” for 2023.
Hilton Food Group entered the seafood sector in 2017 with its purchase of chilled fish supplier Seachill in 2017, and subsequently expanded its holdings with the acquisition of Dutch Seafood Company in 2021.
In its Q3 trading update, the multi-protein food business said its overall volume and revenue for the quarter was in line with the board’s expectations, and that it had seen its income grow compared to the corresponding period of 2021.
Hilton said it has also continued to make progress in its strategy of diversification across geographies, proteins, and channels. Within its U.K. seafood business, it said it continues to work closely with retail partners and has made steps to either mitigate or pass through the unprecedented inflationary costs faced by the business. But with this occurring at a slower pace than anticipated, the process is not fully complete, and will continue for the rest of this year and into early 2023, the company said.
“Given the challenges in the U.K. seafood business alongside the wider macro-economic environment, the board anticipates that operating profit will now be below its expectations for the full year,” it said. “Despite this, the board remains confident that the business is well placed for 2023, with the group's financial position continuing to be strong, with leverage remaining at comfortable levels.”
Hilton said it has made good progress in ongoing discussions regarding geographic expansion and is continuing to explore opportunities for growth in its existing markets.
The group employs more than 5,000 employees, and operates food processing, packing and logistics facilities across a number of markets in Europe and Australasia.
It expects to publish its results for the 52 weeks ending 1 January, 2023, in its 12 January, 2023 annual meeting.
Photo courtesy of Hilton Food Group
