Hilton Food set to defy slowdown

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Date: Thursday 17 Jul 2008

LONDON (ShareCast) - Meatpacker Hilton Food expects its business to hold up in the current economic downturn and meet market forecasts for the full year.

It said trading for the 28 weeks ended 13 July had been “robust, with turnover growth underpinned by increased promotional volumes, the positive impact of foreign currency translation and a solid performance across the territories.”

The group was unconcerned about consumers trading down to less expensive meat cuts as rising raw material prices are feeding through to turnover.

“We expect to see changes to our customers’ buying patterns as consumers increasingly look for value,” said the company. “As a business with modern, flexible facilities and a good geographic spread, Hilton is well-positioned for the current environment.”

“Although we are in a difficult trading environment, we believe that our business will prove itself to be resilient,” added chief executive Robert Watson.

Volumes have started to build during Hilton’s trial to supply Tesco stores in Central Europe from its plant in Southern Poland. It now supplies red meat products to the Czech Republic, Hungary, Poland and Slovakia.

The bacon, sausage and gammon extension in Drogheda, Ireland is expected to start up next month.

Half year results are due on 11 September.

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