Despite difficult economic conditions, Hilton Food Group, has reported a rise of 13.6 percent in its full year revenue to £981.3 million, up from £864.2 million in 2010, which was driven by the new facility in Denmark and the recovery of higher raw material meat prices.
For the period ended January 1, 2012, the group's pre-tax profit rose 10.4 percent to £24.5 million from £22.2 million in 2010 and operating profit increased by 11 percent to £25.9 million from £23.3 million.
"Once again I am pleased to report that during 2011 Hilton has delivered a good performance, continuing to demonstrate the resilience of the Group's business model. Revenue growth was strong in 2011 and further success was achieved with new product and packaging initiatives. We have been able to maintain a high level of investment in our modern meat packing facilities across Europe, designed to keep them at state of the art levels," said CEO Robert Watson OBE.
The European food retailer group's basic earnings per share rose 9.3 percent to 24.7 pence in 2011 (2010: 22.6p), the growth in EPS reflecting the increased operating profit, slightly higher interest costs and an unchanged effective rate of taxation.
Hilton Food has declared a final dividend of 11.10 pence per share, up 8.8 percent from 10.2 pence in 2010. Shares of the group fell as much as 2 percent at 0823 BST.
For the FY 2012, Hilton Food anticipates similar trading environment featuring comparatively high prices for meat and other commodities and constrained consumer spending, and considers the group is well positioned to deliver continued growth.