Hilton Food Group, the international meat, seafood and vegan food packing group, reported adjusted pre-tax profit from continuing operations of £32.8m for the 26 weeks to 28 June, down 5.2% on the same period last year but ahead of the company's own expectations.
The group now expects full-year adjusted pre-tax profit from continuing operations of £66m to £71m, up from its previous guidance of £60m to £65m, reflecting the removal of Dalco losses following its agreed sale and favourable foreign exchange movements.
Revenue from continuing operations rose 11.5% on a constant currency basis, driven by higher raw material prices, while volumes grew 2.1% on good performance in core meat and fresh prepared food.
Statutory pre-tax profit from continuing operations fell to £11.8m, hit by £21m of exceptional items including Foppen-related costs tied to ongoing US export restrictions from Greece and Group restructuring charges, plus a separate £16.7m non-cash impairment on the Dalco disposal.
Net bank debt stood at £194.4m, up from £126.7m at the 2025 year-end, reflecting elevated capital expenditure including continued spend on new facilities in Canada and Saudi Arabia.
The board declared an unchanged interim dividend of 10.1p per share.
"Our first half progress gives us confidence in our 2026 profit outlook," said chief executive Mark Allen OBE, pointing to Seachill's improving performance and the Saudi Arabia joint venture's expected launch in the fourth quarter.
The Canada facility is set to launch in January 2027, with both projects expected to contribute to earnings from next year.
