Hilton Foods returns to the black as seafood wing recovers and inflation moderates

Meat packer Hilton Foods said the recovery of its seafood wing and a new deal with Walmart in Canada has helped drive growth for the year. 

In the year to December last year, the FTSE 250 firm said revenue was up 3.7 per cent on last year’s figure to £95m, while adjusted profit before tax in reported currency was up 19 per cent to £66m. 

The processing giant’s Seafood arm had fallen on hard times in recent months, mainly due to global supply chain issues and soaring inflation. 

Today, chief of the firm, Steve Murrells, said: “Over the past year we’ve remained focused on executing our strategy which has resulted in a good performance against a challenging market. 

“I am particularly pleased with the results in our seafood category, returning to full year operating profitability following a successful turnaround.” Our core meat category performed strongly and we worked closely with customers to offer the highest quality and most relevant food products to consumers.”

Last September, the firm inked a deal with Walmart Canada to supply meat for its retail stores. 

The business also said the turnaround of its UK Seafood business, which faced significant supply challenges last year, had been delivered ahead of plan and returned  to full year operating profit. 

Murrless, who is the former head of Co-op, added: “Hilton Foods has the right attributes in place to unlock growth organically and with new customers thanks to our multi-category product offer, industry leading technology and rigorous sustainability credentials. 

“I’d like to thank all our teams across our markets for their continued hard work and contribution over the year; we are well-placed as we look to the future.”