Hilton Food Group PLC

Latest Results (31.05.2026):

Hilton Food Group PLC — full-year results for the 52 weeks ended 29 December 2024 (FY 2024). The group delivered volume-led growth and improved underlying profitability: volumes +4.4% and adjusted operating profit up to £104.7m (11.9% higher on a constant currency basis). Reported revenue was £3,988.3m (flat on a statutory basis; +1.9% constant currency), ROCE rose to 21.7%, and adjusted basic EPS increased to 61.0p. The Board proposed a final dividend of 24.9p (total 34.5p), while free cash inflow was £62.2m and year-end net bank debt was £131.4m. Management says 2025 trading is in line with expectations and the group remains focused on automation, international expansion and sustainability.

Key financials

Volume +4.4%; Revenue £3,988.3m (0.0% reported; +1.9% constant currency); Adjusted operating profit £104.7m (+11.9% cc); Adjusted PBT £76.1m (+17.1% cc); Adjusted EBITDA £152.6m; Adjusted basic EPS 61.0p.

Statutory vs adjusted and one-offs

Statutory operating profit £98.8m (+14.8%) and statutory basic EPS 43.7p. Results include £13.2m insurance proceeds (Belgium fire) and a £9.8m non‑cash goodwill impairment related to the Dalco vegan/vegetarian business.

Cash, debt and returns

Free cash inflow £62.2m (2023: £112.1m) — lower primarily due to reduced favourable working capital movements, higher tax and capex. Net bank debt £131.4m (2023: £139.7m); year‑end net bank debt/adjusted EBITDA 0.9x. ROCE improved to 21.7% (up 3.4 percentage points).

Dividend

Proposed final dividend 24.9p; total dividend for 2024 of 34.5p (2023: 32.0p), an increase of 7.8%, reflecting a progressive dividend policy and Board confidence.

Regional performance

UK & Ireland: strong — volumes +9.1%, revenue +10.6% cc and adjusted operating margin improvement (to 3.5%). Europe: moderate volume growth, margins stable; a £9.8m goodwill impairment linked to changing vegan/vegetarian market conditions. APAC: volumes +4.0% but revenue declined due to raw material price deflation; margins improved slightly to 2.0%.

Growth strategy and pipeline

Continued international expansion with capital‑light entry into Saudi Arabia via NADEC JV (operations H2 2026) and Hilton Foods Canada on track to launch with Walmart early 2027. Focus on growing with existing partners, complementary new partnerships and selective disciplined M&A.

Operations, automation and sustainability

Acceleration of automation programme and Foods Connected platform highlighted as competitive differentiators. Sustainability progress: improved CDP scores (A for climate), 32% reduction in scope 1 & 2 vs 2020, food waste down 47% since 2020, pledge to reach net zero by 2048 (two years earlier than prior target).

Outlook and guidance

Management reports 2025 trading started well and is in line with expectations. Analysts' adjusted PBT range for 2025 (as of 7 Apr 2025): £76.8m–£83.3m. Board remains confident in medium‑term growth pipeline while noting macro uncertainty.