The meat processor reported revenues of £3.98 billion, a slight dip from the previous year but up 1.9% on a constant currency basis. This increase was in spite of the expected impact of raw material deflation in the Asia-Pacific region.
Volumes were up 4.4% to 540,239 tonnes with Hilton reporting market outperformance in all regions, supported by product improvement, premiumisation and new ranges.
In the UK & Ireland, revenues were up 10.6% to £1.46 billion, while volume grew 9.1%. Hilton attributed this growth to a particularly strong showing for retail, record volume for meat and seafood at Christmas, and growth in premium tier steaks.
Hilton in the UK
This operating segment covers the Hilton Foods businesses and joint ventures across the UK and Ireland, including the meat processing facilities in the UK in Huntingdon, seafood facilities in Grimsby, its food service business Fairfax Meadow and the ROI meat facility in Drogheda.
Steve Murrells CBE, Hilton Foods CEO, said: “I’m incredibly proud of our strong performance in 2024, with core retail meat volumes outpacing the market. Our teams have gone above and beyond to deliver high-quality products, exceptional service, and the innovation consumers desire, all while maintaining great value.
“This unwavering commitment reflects our focus on excellence, compliance, and meeting the highest industry standards to better serve our customers. Through innovation, automation, and strategic partnerships, we continue to unlock new growth opportunities, including our expansion into Saudi Arabia and progress with Walmart in Canada.
Outlook
In its forward statement, Hilton confessed that while the macro backdrop remained uncertain, it was confident it could deliver furth growth in line with market expectations – profit before tax of between £76.8 million and £83.3 million.
“Our team’s commitment ensures we stay ahead of evolving consumer preferences, enabling us to drive category growth and anticipate future demand,” Murrells added. “With advanced automation, a strong sustainability focus, and a proven track record of successful product launches.
“Hilton Foods is expert in providing the highest levels of customer service and operating the most efficient sites around the world. These attributes underpin our existing relationships and leave us strongly positioned to enter new markets and attract new customers. I am excited for the opportunities ahead.”
Meanwhile, Greencore has upgraded its operating profit guidance for the year ending 26 September 2025 ahead of its acquisition by Bakkavor.
