UK meat packer Hilton Food Group has booked a slight increase in profit for 2012, boosted by higher sales in the period.
The company said today (28 March) that net profit grew by 1.9% to GBP18.9m (US$28.6m) in the 12 months to 30 December. Operating profit edged up 0.3% in the 12 months, rising to GBP26m.
Gains were driven by higher sales, which rose 5.1% to GBP1.05bn. Volume expansion contributed 4.8% to revenue gains. The company emphasised the result was achieved in the face of "challenging" market conditions.
Over the 12 months, Hilton also reduced its net debt to GBP5.2m from GBP18.7m. The company said that its strong balance sheet, with gearing at 0.1 times EBITDA, would underpin future growth and a "progressive" dividend policy.
During 2012, Hilton entered into a joint venture agreement with Australian retailer Woolworths Ltd, marking its first expansion outside of Europe. The company said the move illustrated the "transferability" of its business model.
