Hilton Foods’ (HFG) Share Price Rose 5.85% on Q3 Performance

The Hilton Food Group plc (LON: HFG) share price rose 5.85% after releasing its third-quarter results from 16 July 2023 to 29 October 2023. The company maintained its robust financial performance and demonstrated solid operational progress throughout the third quarter, aligning with the Board's expectations. 

The period has shown positive revenue growth compared to the previous year, even considering the ongoing impact of raw material price increases. 

Several key factors have contributed to the company’s success, including the continued strong performance in the Asia-Pacific (APAC) region, the resilience of its core meat category, and the benefits of a full year of trading following the acquisition of Foppen in 2022.

In the APAC region, the firm has sustained substantial volume and revenue growth, primarily from its operations in Australia and its multi-protein food park in New Zealand.

The turnaround efforts in our UK Seafood business continue to deliver against our operating performance targets, with the business achieving operating profitability in Q3 and remaining on track to do so for the entire year.

In Europe, Hilton Foods’ revenue surpassed the same period last year, benefiting from the ongoing growth of its Foppen business and its Central European convenience food business. The company’s Swedish food park initiated production of a range of convenience products for its customer ICA in September, which has received positive feedback at this early stage. 

Hilton Foods’ technology and services divisions, Foods Connected and Agito, continue to perform strongly and distinguish the company in the market. They actively support the core businesses of the Group and have contributed to acquiring new customers during this period. 

The company is firmly committed to its Sustainable Protein Plan, which is the foundation of the Group's strategy. This plan includes ambitious targets across the core pillars of People, Planet, and Product. 

Notably, the Group has set more aggressive Science-Based Targets across Scope 1, 2, and 3 emissions, aligning with a 1.5°C pathway. Its industry-leading technology and diverse range of food products across multiple categories provide us with a solid foundation for sustained growth.

The company is pleased to announce its long-term supply agreement with Walmart in Canada, highlighting the strength of Hilton's highly automated supply chain.

Hilton Food Group (HFG) share price. 

The Hilton Food Group (HFG) share price rose 5.85% to trade at 687.5p from Monday’s closing price of 649.5p.