Supermarket food packaging group increases revenues 50% with Australian expansion
A UK food packaging company has announced that its revenues increased by 50 per cent over the past year.
Hilton Food Group, which packages food for supermarkets such as Tesco, reported that its revenue in 2020 rose from £1,814.7m to £2774m - an increase of exactly 50 per cent.
The group also saw adjusted profit before tax grow by 20.2 per cent, jumping from £49.7m in 2019 to £61.1m.
It said that the growth could be attributed to its growth overseas, specifically in Australia, with its first full year of trading following the opening of its Queensland facility, and plans to open a site in New Zealand later this year.
Robert Watson, chairman of Hilton Food Group, commented: “I am extremely proud of the commitment and resilience shown by the entire Hilton team during 2020 to adapt quickly to the challenges caused by Covid-19 in order to safeguard our people, keep our facilities open and support our customers.
“This response underpinned a strong performance with both volume and profit growth and we concluded our joint venture transition period in Australia and purchase of the related joint venture assets while marking our one year anniversary of the opening of our Queensland facility.
“In Europe we set up a new facility in Belgium during the year to supply Delhaize and continued to further diversify our product offering in the plant-based, seafood and convenience categories.
“As with all businesses there remain some uncertainties concerning the full impact of Covid-19, including potential recessionary risks, but our robust and sustainable business model and wide geographical spread make us believe we are well placed to meet any future challenges.”
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