Hilton Food Group’s shares are flat today after the company announced it performed “in line” with the board’s expectations last year.
The FTSE-250 listed food packaging company focussed on expansion in the 2021 financial year, snapping up smoked salmon producer Foppen, taking a 50 per cent interest in automation software company Agito Group, and acquiring the remaining shares in food companies Dalco and Fairfax Meadow.
In today’s trading update Hilton Food Group, which employs 5,000 staff members across 19 food processing and logistics facilities, said it had seen “strong, sustained growth” over the past two years with sales growth in 2021 driven predominantly by organic expansion. Shares are up 0.18 per cent at the open, trading at 1,128 pence each.
“We are pleased to report the Group has performed in line with the Board’s expectations, with year-on-year sales growth driven predominantly by organic expansion,” Hilton Food Group said in a statement. ” Over the two year period we have seen strong, sustained growth, as we deliver towards our goal of becoming the global protein partner of choice.”
Looking ahead the company said its “outlook remains positive,” with growth prospects underpinned by recent acquisitions of Dalco, Fairfax Meadow, Foppen and Agito. The purchase will strengthen Hilton’s supply chain and logistics capabilities the company said.
While details of Hilton Food Group’s financials for 2021 will not be disclosed in full until April, the brokers at Berenberg labelled the stock as ‘HOLD’ in a recent trading note predicting that shares will climb to 1,200 pence.