Source: Sharecast
In the 26 weeks to 28 June, adjusted profit before tax from continuing operations fell 5.2% from the same period a year earlier to £32.8m, but was ahead of expectations. Hilton pointed to higher profit overall from the core meat and fresh prepared food businesses, but lower profit in seafood, mainly due to margin pressures in smoked salmon producer Foppen.
Revenue rose 15.3% to £2.3bn, with total volumes 2.1% higher during the period and growth in both the East and West regions.
The company said it now expects full-year adjusted profit before tax from continuing operations of between £66m and £71m, up from previous guidance of £60m to £65m and reflecting the removal of Dalco losses and favourable FX.
Chief executive Mark Allen said: "This has been a period of encouraging progress across the group. Having set out the conclusions of our strategic review earlier this year, we continue to innovate and deliver for our customers. We delivered good overall trading performance in meat and fresh prepared food, and we continue to drive opportunities to maximise performance and growth from our core operations.
"While performance in Foppen has been disappointing, we are beginning to see the positive impact of our improvement plans at Seachill in the UK. The agreed sale of Dalco is a step towards simplifying our portfolio.
"Our growth investments in Saudi Arabia and Canada are expected to contribute to earnings from 2027. We also continue to develop plans to deliver material capacity expansion for fresh prepared food in Poland.
"Our first half progress gives us confidence in our 2026 profit outlook."
See latest RNS on Investegate
