Hilton Food Group PLC

Latest Results (09.03.2026):

Hilton Food Group PLC — results for the 26 weeks to 29 June 2025 (first half / H1 2025; reporting into Q2 2025): the group delivered a robust performance in a highly inflationary raw‑material environment with volumes up 2.5% and revenue of £2.09bn (up 7.6% reported; 10.4% constant currency). Adjusted profit before tax was £33.6m (broadly flat on the prior year), statutory profit before tax fell to £24.3m, adjusted free cash moved to a £30.8m outflow and net bank debt increased to £202.4m. Management raised the interim dividend to 10.1p and reiterated guidance to deliver full‑year results within the company’s range of expectations.

Key financials

Volume +2.5%; Revenue £2,092.4m (+7.6% reported; +10.4% constant currency). Adjusted operating profit £46.6m (flat year‑on‑year); adjusted PBT £33.6m (+0.3% reported; +3.0% cc). Statutory PBT £24.3m (-4.7%). Adjusted basic EPS 26.5p (up 2.7%); statutory EPS 18.6p (slight decline).

Cash, debt and capex

Adjusted free cash outflow of £30.8m (vs £30.0m inflow a year earlier). Net bank debt £202.4m (period end), reflecting higher tactical inventories and capital spend — capital expenditure £41.2m H1 including c.£15.1m on the Canada project. Undrawn committed facilities £47.0m; covenant headroom described as comfortable.

Operations and segment performance

Retail meat and convenience outperformed with volume growth (retail meat +1.7% UK; retail meat and convenience +3.1% across regions). Seafood weaker: UK white‑fish demand hit by raw material inflation; Foppen smoked salmon faced regulatory restrictions on US shipments from the Greek site, prompting temporary production shifts to the Netherlands and non‑underlying costs.

Strategic progress

Progress on international expansion: Saudi Arabia JV with NADEC on schedule for H2 2026 and Hilton Foods Canada with Walmart targeted for early 2027. Foods Connected strengthened via a new strategic partner (Apax) in July. Management continues product innovation, SKU reformulation and automation investments.

Dividend and outlook

Interim dividend increased to 10.1p (2024: 9.6p). Management expects retail meat to perform through the year, is addressing seafood inflation and Foppen disruption, and reiterates expectation to deliver full‑year results within the company’s compiled range of £76.8m–£81.0m (company‑compiled range as of 2 Sept 2025).

Risks & near‑term issues

Principal near‑term headwinds are raw material inflation (especially white fish), operational disruption at Foppen (US shipment restrictions) and higher build‑phase inflation on the Canada facility. The board reports covenant compliance and a going‑concern view after downside stress testing.