Currency movements bolster Hilton Food

18th Jul 2013 07:49

Meat packing business Hilton Food said it has performed in line with company expectations during the 28 weeks ended July 14th and it also benefited from positive foreign exchange movements."We have continued to benefit from our geographical diversity and new product lines to grow the business against the backdrop of challenging conditions for the consumer in some markets. During the first half Hilton has also benefited from a positive movement in foreign exchange translation," the Cambridge based group said in a company statement.In Europe Hilton said it made good progress in a number of markets, with its newest facility in Denmark increasing capacity.New lines boosted its Dutch business, such as marinated sliced products and a pork stir-fry range. There has also been steady turnover growth in Sweden, the group explained. However business in Ireland and the UK were hurt during the quarter by persistently tough economic conditions, with consumer spending constrained. Our business in Central Europe, where Hilton supplies customers in seven countries, has continued to perform in line with expectations, it said.Elsewhere in Australia, the development work by the Joint Venture at Bunbury is proceeding in line with the agreed plan. Hilton said it continues to explore opportunities to grow the business in both domestic and overseas markets.The group said its financial position remains strong with no significant changes to this position since the financial year-end. CJ