Hilton Food Group shares preliminary results
The UK-based meat and supply chain firm has reported steady revenue, rising profits, and announces joint venture in the Middle East.
UK – Hilton Food Group has released its preliminary financial results for the 12 months ending 29 December 2024, highlighting modest revenue growth, increased profits, and ongoing international expansion.
The UK-headquartered food packaging and processing company said it achieved a 4.4% rise in total volumes driven by stronger performance in the UK, Europe, and Asia-Pacific regions.
This growth, the company explained, was supported by improvements to product quality, the introduction of premium product lines, and expansion of its retail offering.
On a constant currency basis, Hilton Food Group posted a 1.9% increase in revenue, though the figure remained flat on a statutory basis at approximately US$5 billion.
Return on capital employed (ROCE) rose by 3.4 percentage points to reach 21.7%, while adjusted operating profit climbed by 11.9% to US$130.5 million.
Chief executive officer Steve Murrells said the company had managed to exceed market growth in core retail meat categories, pointing to the role of automation, innovation, and international partnerships in driving performance.
He also highlighted the company’s push towards sustainability and technological improvements as key factors in enhancing customer service and production efficiency.
Among the major developments noted in the report was progress in Hilton Food’s automation strategy, with increased investment in high-tech facilities designed to optimise production and lower costs.
Entry into the Middle East
In addition to its financial update, Hilton Food Group confirmed it is entering the Saudi Arabian market through a new joint venture with the National Agricultural Development Company (NADEC).
The long-term agreement will see Hilton Foods hold a 49% share in the partnership and contribute US$8.3 million as part of an initial US$16.6 million investment in the project.
The joint venture will run for ten years, combining Hilton Foods’ expertise in meat processing with NADEC’s existing cattle farming and distribution operations.
Under the deal, Hilton Foods will set up modern processing facilities in Saudi Arabia, while NADEC will supply red meat and handle distribution through its existing networks.
The collaboration supports Saudi Arabia’s Vision 2030, a national plan aimed at strengthening food security and increasing domestic food production.
Hilton Food Group stated that the expansion aligns with its international growth strategy and enhances its ability to serve new markets.
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