Hilton Food profits up on higher volumes
By Frank Prenesti
Date: Tuesday 10 Sep 2019
(Sharecast News) - Interim profits at packaging group Hilton Food rose as the company reported an increase in volumes in the UK and Australia.
The company added that it had made "significant" contingency measures to cope with a no-deal Brexit as the October 31 deadline for Britain to leave the European Union approached.
Operating profit for rose 13.3% to £26.7m attributable to Western Europe, including a contribution from the new Dalco joint venture, and Australia.
Volumes increased by 6.8% to 193,608 tonnes, reflecting growth in Western Europe and Australia, the company said on Tuesday.
Turnover increased by 5.6% to £912.1m. Pre-tax profit fell to £19.8m from £20.9m.
"Overall we believe that the Hilton business is sufficiently resilient to withstand uncertainties surrounding Brexit whilst minimising disruption," the company said.
"Should a 'no-deal' scenario arise, it may affect our ability to hire employees, trade tariffs on imports may increase and could result in possible border delays, currency volatility and regulatory standards dis-harmonisation."
"We have significant contingency measures already in place including rebalancing supply lines to minimise border crossings, flexible buying models and ongoing communication with suppliers to increase stock holdings and believe we are well prepared for any potential impact from a 'no deal' scenario."
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