UK processor Hilton Food Group’s seafood division surpassed its turnaround targets, achieving operating profits in the second half and for the full year, the company said in a trading update issued on Thursday.
The group’s seafood business had reported losses of £16 million for 2022 as it suffered the impact of the Ukraine war as well as wider inflationary pressures causing the price of raw materials to soar.
“We finished the year with positive festive trading, and full year performance in-line with expectations. Our Christmas period was supported by the strength of our high quality and relevant products,” said CEO Steve Murrells
In September, the company announced a long-term supply agreement with Walmart Canada.
As part of the deal, Hilton Foods, which already enjoys a prominent presence in 13 European markets through collaborations with retailers such as Tesco, Costco, and Rimi, will establish a new manufacturing facility in Eastern Canada.
The group’s festive period success was attributed to high-quality product offerings and advancements in technology and supply chain capabilities.
“Over the year, we have developed our technology and supply chain capabilities, and underpinned by our Sustainable Protein Plan, we have continued to support our customers, providing them with relevant, high quality proteins that consumers want on their plate,” said Murrells.