FX.co ★ Hilton Food FY23 Profit Surges, Lifts Dividend; Says FY24 Trading In Line With View

The Hilton Food Group Plc (HFG.L) disclosed its financial results for the fiscal year of 2023, revealing a notable 64.2 percent increase in pre-tax profits - a rise from 29.6 million pounds in the previous year to 48.6 million pounds.

The basic earnings per share also experienced a significant jump, escalating 105.1 percent from 19.8 pence to 40.6 pence. Additionally, the adjusted pre-tax profit displayed an increase from the preceding year's 55.5 million pounds to 66.0 million pounds.

This upward trend was also seen in the company's adjusted basic earnings per share, which showed a rise from 45.1 pence to 52.8 pence.

The company's statutory operating profit rose by 59.4 percent while the adjusted operating profit experienced a 33.5 percent increase, reaching 95.0 million pounds. Moreover, annual revenue witnessed a 3.7 percent increase, moving upwards from 3.85 billion pounds to 4 billion pounds. The company also reported a 5.7 percent rise in revenue at constant currency rates.

In terms of volume, a minor increase of 0.7 percent was reported, with figures moving from 513,816 tonnes to 517,347 tonnes.

The Board proposed a final dividend of 23.0 pence, bringing the total dividend for 2023 to 32.0 pence - reflecting a 7.7 percent increase from the previous year. This proposal, pending shareholder approval, will be paid to the shareholders enlisted on the register by May 31, on the pay date of June 28.

As far as the current trading and future forecast are concerned, the company stated that their 2024 trading kickstarted in line with the Board's expectations, albeit in challenging market conditions.