LONDON (ShareCast) - (Sharecast News) - Food packaging group Hilton Foods said it expects to hit market forecasts with its 2024 results after a strong finish to the year across all three operating regions.
The company, which specialises in protein packing and convenience food, said results in the final quarter were driven by the core retail meat volumes which grew 4% year-on-year.

In the UK and Ireland, trading was strong for core retail meat and foodservice over Christmas, while the seafood business saw a strong volume performance. Core meat ranges and convenience operations in Europe also performed strongly.

However, raw material price deflation in Asia Pacific continued to impact revenue, though volumes remained strong.

The company said it expects to meet consensus forecasts for an adjusted pre-tax profit of between £74m and £77m for the 12 months to 29 December.

"The final quarter of the year has delivered a strong performance, with the full-year outturn in line with expectations. This success was driven by another solid Christmas trading period and underpinned by our innovative ranges and the growing popularity of beef as a festive centrepiece," said chief executive Steve Murrells.

In other news, the company said its long-term partnership with Walmart continues to develop with Hilton Foods Canada on track to launch in early 2027.

Shares were down 2.3% at 874.3p by 0942 GMT.

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