16 September 2021
Hilton Food Group plc
Interim results for the 28 weeks to 18 July 2021
Delivering sustainable growth with continuing momentum
Hilton Food Group plc, a leading international multi-protein food business, is pleased to announce its interim results for the 28 weeks to 18 July 2021.
Financial and strategic highlights
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2021 |
2020 |
Change |
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28 weeks to 18 July 2021 |
28 weeks to 12 July 2020 |
Reported |
One-year constant currency |
Two-year constant currency |
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Volume 1 (tonnes) |
262,222 |
237,340 |
10.5% |
10.5% |
16.4% |
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Revenue |
£1,710.7m |
£1,264.2m |
35.3% |
32.1% |
35.7% |
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Adjusted results 2 |
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Adjusted operating profit |
£39.0m |
£31.5m |
23.8% |
21.6% |
20.7% |
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Adjusted profit before tax |
£35.8m |
£28.1m |
27.6% |
25.5% |
20.8% |
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Adjusted basic earnings per share |
32.4p |
25.9p |
25.1% |
22.8% |
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Adjusted EBITDA |
£63.9m |
£49.0m |
30.3% |
27.3% |
27.4% |
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IFRS results |
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Pre-exceptional |
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Operating profit |
£29.2m |
£31.3m |
-6.9% |
24.2% 3 |
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Profit before tax |
£21.7m |
£24.0m |
-9.9% |
30.5% 3 |
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Basic earnings per share |
19.6p |
22.3p |
-12.1% |
28.3% 3 |
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Other measures |
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EBITDA |
£71.7m |
£61.3m |
17.0% |
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Net bank debt 4 |
£134.9m |
£131.7m |
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Interim dividend |
8.2p |
7.0p |
17.1% |
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Notes
1 Volume includes 50% share of the Australian (2020 only), Portuguese and Dutch joint venture activities
2 Adjusted results represent the IFRS results before deduction of acquisition intangibles amortisation and exceptional items and also IFRS 16 lease adjustments as detailed in the Alternative performance measures note 16. Unless otherwise stated financial metrics in the Financial and strategic highlights, Review of operations and Financial review refer to the adjusted results
3 Belgium assets destroyed by fire resulted in exceptional impairment of £9.7m as detailed in note 5
4 Net bank debt represents borrowings less cash and cash equivalents excluding lease liabilities
· Volume and revenue growth following Australia JV transition and Brisbane operating at higher volume levels with g rowth delivered in fish, plant-based and fresh food categories
· Adjusted operating profit up 21.6%* to £39.0m and adjusted basic earnings per share up 22.8%* to 32.4p
· Continued operational resilience to maintain supply to customers as Covid conditions persist
· Rapid response to ensure continued supply to our customer following fire in Belgium
· Successful opening of facility in New Zealand as part of a dedicated food park concept
· Agreement to acquire remaining 50% in Dalco subject to competition clearance
· Science Based Targets approved consistent with reductions required to keep warming to well-below 2°C
· Interim dividend increased from 7.0p to 8.2p, an increase of 17.1%
* On a constant currency basis
Commenting on the results, Philip Heffer , Group Chief Executive, said:
“This has been another strong performance, delivering both volume and profit growth in the face of ongoing disruption as a result of Covid-19. The results we have published today demonstrate the resilience of our business model and our ability to create sustainable value by working in dedicated partnerships with our customers and suppliers around the world.”
“Our supply chain expertise, our international scale, and our market leading technology services have helped to drive growth across our portfolio – in meat, seafood, plant-based and vegetarian foods. Importantly, we have achieved this growth while continuing to deliver on our ESG strategy, and I am delighted that our carbon reduction targets have now been approved by the Science Based Targets initiative.”
“The acquisition of the remaining 50% shareholding in Dalco is the natural next step towards our goal of becoming the global protein partner of choice, as more consumers seek out affordable, high quality, and sustainable protein. I want to thank each of my colleagues, and all our customers and suppliers, for ensuring continuous supply through this challenging period, and we look forward to building on this success during the second half of the year.”
Enquiries:
Hilton Food Group Tel: +44 (0) 1480 387214
Philip Heffer, Chief Executive Officer
Nigel Majewski, Chief Financial Officer
Headland Consultancy Limited Tel: +44 (0) 20 3805 4822
Edward Young Email: hiltonfood@headlandconsultancy.com
Joanna Clark