Profits at Hilton Foods jumped last year after surging UK volumes for the food supply giant, despite an uncertain market for its retail customers.
The company, which makes most of its money from supplying meat to retailers and hospitality businesses, increased profits by 15% in 2024 compared with the previous year.
Meanwhile, 2025 trading has “started well”, the firm added, despite an “uncertain” economic environment, with a swathe of new global trade tariffs having come into effect in recent days.
Chief executive Steve Murrells cited expansion into Saudi Arabia and beginning business with Walmart in Canada as “new growth opportunities” for the company.
The company said it will be launching in Saudi Arabia in the second half of next year and introducing its Hilton Foods Canada brand in early 2027.
Mr Murrells said in the UK and Europe “core retail meat volumes (were) outpacing the market” last year.
However, the group pointed to “ongoing market challenges” which hit its vegetarian and vegan business, which reduced to a single production site last year.
The group said the market for meat-free options is in the middle of a drop in consumer demand which is “creating structural headwinds”.
Meanwhile, in Australia and New Zealand, where the company also operates processing plants, revenue fell 9.4%, partly as a result of price deflation in the first half of last year.
Hilton Foods said it maintained 4% growth in volumes in the region, and that profit margins ticked up slightly to 2%.
