Hilton Foods’ profits were up 15% last year as the meat and fish processor saw strong volume growth across every region.
Its adjusted pre-tax profit hit £76.1m in the 52 weeks to 29 December, as volumes rose 4.4%. Revenue was flat at £4.0bn.
The business performed best in the UK and Ireland, with revenue up 10.3% and volumes up 9.1%, helped by a strong Christmas trading period. This drove a 44% rise in adjusted operating profit to £50.9m.
However, revenues were down 9.4% in Asia Pacific as deflation kicked in. But Hilton stressed, with volumes up 4% in the region, that it still performed strongly.
In Europe, the vegan and vegetarian market is facing strong headwinds, leading Hilton to reduce its presence to one site. It has also recognised a £9.8m non-cash impairment charge related its acquisition of Dalco, a vegan and vegetarian food business.
“Hilton Foods has all the right attributes to deliver long-term success,” said CEO Steve Murrells.
“Our competitive advantages are clear: strength and longevity of partnerships, industry-leading automation, genuine sustainability leadership, and a strong track record of launching successful new product offers.”
The business is set to expand its international presence with a launch into Saudia Arabia in the second half of 2026 after it signed a joint venture with Nadec, one of the largest food processing companies in the Middle East and North Africa.
Under the agreement, Hilton Foods will build new facilities while Nadec will supply the meat. It is the company’s first entry into the Middle East region, which consumes an estimated 25 million tonnes of red meat per year.
Hilton Foods has also announced a long-term partnership with Walmart in Canada to provide “comprehensive multi-protein solutions”, set to launch in early 2027.
The company’s return of capital expenditure grew 3.4% to 21.7%. “Hilton returned to form last year, as evidenced by the jump in ROCE,” said Charles Hall, an analyst at Peel Hunt. “The current year has started well and the company has a strong pipeline of opportunities.”
Hilton Foods employees over 8,000 people and sells in 19 markets across Europe, Asia Pacific, and North America.
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