Financial and strategic highlights
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|
2018 |
2017 |
Change |
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|
|
28 weeks to 15 July 2018 |
28 weeks to 16 July 2017 |
Reported |
Constant currency |
|
|
|
|
|
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|
Volume 1 (tonnes) |
181,255 |
160,848 |
12.7% |
|
|
Revenue |
£863.6m |
£690.7m |
25.0% |
24.5% |
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Adjusted results 2 |
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Operating profit |
£23.6m |
£18.8m |
25.3% |
24.8% |
|
Profit before tax |
£22.3m |
£18.4m |
20.9% |
20.3% |
|
Basic earnings per share |
21.2p |
19.2p |
10.4% |
10.4% |
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|
IFRS results |
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|
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Operating profit |
£22.3m |
£18.8m |
18.4% |
|
|
Profit before tax |
£21.0m |
£18.4m |
13.9% |
|
|
Basic earnings per share |
20.0p |
19.2p |
4.2% |
|
|
Cash (outflow)/inflow before minorities, dividends and financing
|
£(7.1)m |
£16.1m |
|
|
|
Net cash |
£5.8m |
£38.9m |
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|
|
Interim dividend |
5.6p |
5.0p |
12.0% |
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· |
Volume growth driven by UK including Seachill, Ireland and Australia |
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· |
Turnover up 24.5% on a constant currency basis boosted by volume growth and higher unit fish pricing |
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· |
Operating profit up 24.8% on a constant currency basis driven by Seachill acquisition after absorbing higher central costs and set up costs in Australia |
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· |
New Seachill business has delivered on expectations; successful integration into the Group |
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Full operational control of Australian joint venture facilities from July 2018 |
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Continued strong cash generation and significant capex in the period with further future investments planned |
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Interim dividend increased from 5.0p to 5.6p, an increase of 12.0% |
Commenting on the results, Executive Chairman Robert Watson OBE said:
“Hilton has continued to deliver on its strategies to build a significantly bigger more diversified business. We achieved strong volume and profit growth during the period including the integration of Seachill and the launch of a fresh food offering in Central Europe. We have further extended our geographical reach in Australia where we commenced production and took operational control of two existing facilities whilst constructing a further facility and designing a new facility in New Zealand, which further extends our geographical reach. We remain committed to growing our business through innovation and product development as well as continuing to explore opportunities to expand the business both at home and abroad.”
Outlook
Hilton continues to develop its business and deliver year-on-year volume growth through focusing on quality and value for money for the consumer. With new projects including opportunities to expand the fish category, well invested production facilities, a broad geographic customer spread, and flexible procurement capabilities, the Group is well equipped for future growth and expects results for the full year to be in line with the Board's expectations.
Hilton continues to explore further opportunities for expansion and is well placed to capture those opportunities as they arise. The Group's financial position remains strong and we will continue to explore opportunities to invest and grow the business in both domestic and overseas markets.