Hilton Food's interim profit edges higher but currency headwinds are likely to persist

8th Sep 2015 10:06

(ShareCast News) - Meat packaging company Hilton Food Group posted a slight increase in interim profit, although currency headwinds weighed on growth.In the 28 weeks to 12 July, the group posted a 0.76% year-on-year increase to £13.2m, while revenue fell 2.2% to £579.2m on the back of adverse currency translation movements and difficult trading conditions in Sweden and Denmark.The London-listed company warned currency headwinds may continue to harm trading, while restrained consumer spending is expected to remain a feature in Europe over the remainder of 2015, although the group added it expects to meet its annual targets."Strategically we continue to make sound progress, with the major capital investments made in the UK and Sweden in 2014 now bedded in and the new facility in Victoria, Australia having commenced production," said group chief executive Robert Watson."Our aim continues to be to extend the geographic reach of the Hilton model and to explore and evaluate new expansion opportunities as they arise."The company said it will pay an interim dividend of 4.1 pence, representing a 7.9% increase year-on-year.Hilton Food shares were up 1.19% to 425.00p at 1021 BST on Tuesday.