Hilton Food Group 52 week trading statement
We are pleased to report that the Group has performed well, with trading for the period in line with the Boards expectations. The Company has delivered further turnover growth, reflecting strong volume increases partly offset by the effect of product mix.
We have continued to see good growth particularly in the Netherlands and Central Europe, the latter driven by increased volumes across all our business segments. In Sweden, the economy has shown signs of recovery over the last few months and we are pleased that this has translated into higher sales to our customer. In Ireland, we have worked closely with our customer to deliver value to the consumer through exceptional economic conditions.
Hiltons investment in Denmark is on schedule, both in terms of construction timetable and budget. The new factory, which is in the process of being equipped to a high standard, will have the flexibility to meet the future requirements of the customer, and will be ready for a second quarter 2011 startup.
The Group’s balance sheet remains strong, with net debt at budgeted level, leaving us well positioned for future expansion.
The trading environment in 2011 is likely to remain challenging, but we believe Hilton is well placed to deliver continued growth. We continue to explore further opportunities to develop our business in both domestic and overseas markets.
The Group intends to publish its full year results on Thursday 31st March 2011.