Rising meat prices helped Hilton Food Group to healthy rises in both sales and profits for the past six months.
Although volumes increased by just 2.5%, sales for the 28 weeks to 17 July were up 10% to £496.2m. And pre-tax profits at the meat packer were up almost 9% to £12.6m.
However, group debt increased by £6m to £24m as the Tesco meat packer invested in new production facilities in Denmark.
“In these difficult times, Hilton continued to benefit from its geographically diversified business model,” said Hilton chief executive Robert Watson. “Despite the economic environment across Europe and rising raw material meat prices, trading over the first 28 weeks of 2011 has been strong.
“We have achieved further growth in turnover and profits, while continuing to actively support our customers’ growth in very competitive markets.”
Hilton ‘well placed to cope with high costs’ (21 July 2011)
Meat packer Hilton hails ‘good progress’ (17 May 2011)