Proactive Investors - Hilton Food Group Plc (LON:HFG) shares advanced over 5% after the company reported continued revenue growth for the year to 1 January 2023 and forecast full-year results in line with the revised-down expectations announced in November.
The UK and Ireland business saw a strong Christmas trading period, the company said in a statement.
Challenging conditions for the UK Seafood business led to a downgrade to full-year forecasts for operating profits last autumn.
In today's statement, Hilton Food said measures to mitigate “unprecedented inflationary cost increases”, particularly in the UK Seafood business, have been encouraging, leaving the company "well placed” for the current year.
“This work has progressed alongside a total business review in UK Seafood, which is starting to deliver positive results,” it added.
The company’s other European businesses have performed well with revenue ahead of the previous year, while in Asia Pacific (APAC) it has seen strong topline growth from its three facilities in Australia.
Looking ahead, Hilton Food was upbeat on 2023: “Given the recent trading performance and the group's strengths, including a diversified product offering, state-of-the art facilities, our technology driven supply chain expertise, and our strong position in ESG, the board remains confident in the outlook for 2023, despite the wider macro-economic challenges.
“The group's financial position continues to be strong with leverage and headroom at comfortable levels.”
The company’s shares rose 5.39% to 579p in midmorning trade.