Hilton Food Group full year profits soared as the recovery of its seafood arm delivered ahead of plan.
In the 52 weeks to 31 December 2023, the food business saw pre-tax profit jump 19% to £66m while sales rose 3.7% to £4bn.
Hilton Foods chief executive Steve Murrells said: “Over the past year we’ve remained focused on executing our strategy which has resulted in a good performance against a challenging market.
“I am particularly pleased with the results in our seafood category, returning to full year operating profitability following a successful turnaround.”
Last year, the seafood said the business dealt with “significant challenges” amid rising inflation and global supply chain problems.
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As well as positive growth for the seafood arm, Hilton’s core meat category also performed “strongly”, as Murrells said it “worked closely with customers to offer the highest quality and most relevant food products to consumers”.
Action was taken in its vegan and vegetarian divisions to consolidate the business to a single operating facility.
Hilton also made progress in its ‘Sustainable Protein Plan‘ with more ambitious validated SBTi targets in line with the 1.5°C pathway.
Murrells added: “As I set out at our investor day in November, Hilton Foods has the right attributes in place to unlock growth organically and with new customers thanks to our multi-category product offer, industry leading technology and rigorous sustainability credentials.
“I’d like to thank all our teams across our markets for their continued hard work and contribution over the year; we are well-placed as we look to the future.”
