Highlights:
Further volume growth achieved in Western Europe, despite continuing weakness in consumer spending, with UK volumes building following the start of the Tesco contract and recently introduced products performing well in Holland
Turnover growth held back by currency movements and lower raw material prices. Growth in underlying profitability similarly affected by currency movements, together with start-up costs incurred in Australia and the UK
Continuing progress achieved with our joint venture in Australia
- conversion of Woolworths' Bunbury facility in Western Australia to expand retail packing completed
- construction of a new purpose built retail packing facility for Woolworths in Victoria on schedule,
with operations expected to commence in the second half of 2015
Strong cash generation has enabled major capital reinvestment programmes in the UK and Sweden with only a limited increase in net debt
Robust balance sheet with the interim dividend increased from 3.65p to 3.8p, an increase of 4.1%
Commenting, Robert Watson OBE, Chief Executive of Hilton Food Group plc said:
"There is good underlying momentum in the business. During the year we are progressing a major expansion of our UK facilities, the re-equipment of our facilities in Sweden and the development of a new facility in Victoria, Australia. Our aim is to extend the geographic reach of the Hilton model and we continue to look for new opportunities".
