Proactive Investors - Hilton Food Group PLC (LON:HFG) has unveiled a jump in profits for 2023 on the back of a rebound in its seafood business.
Statutory pre-tax profit climbed over 64% to £48.6 million over the twelve months to December, the FTSE 250-listed food packaging firm said.
This was as its seafood wing recovered ahead of plan and returned to profitability, while meat products performed well, buoyed by a “resilient outturn” in Europe.
“Over the past year we've remained focused on executing our strategy which has resulted in a good performance against a challenging market,” chief executive Steve Murrells said.
Revenue increased 3.7% to £3.99 billion over the year, while volumes climbed by 0.7%.
Free cash flow returned to a positive £112.1 million meanwhile, against a £79.4 million outflow in 2022, with a higher full-year dividend of 32.0p, compared to 29.7p previously, being declared.
eToro analyst Adam Vettese explained that “runaway inflation caused big problems for the firm” previously, as raw material prices grew alongside financing costs.
“The company did well to consolidate during this period, adjusting to changing tastes and preferences, particularly in the meat alternatives market,” he added.
“Investors may well see some value in a recovery play here given its relatively low prices against historic multiples.”