March 30, 2012

Hilton's 2012 pre-tax profit up 10% as meat price recovers

Largely driven by a recovery in meat prices, Hilton Food Group, Thursday (Mar 29) lifted its dividend as it posted a 10% rise in fiscal 2012 pre-tax profit.

"In 2012 we expect similar trading conditions featuring comparatively high prices for meat and other commodities and constrained consumer spending," said Non-Executive Chairman David Naish.

Pre-tax profit in the year to January 1 rose 10.4% to GBP24.5 million (US$39.2 million) from GBP22.2 million (US$35.5 million) a year earlier. Revenue rose almost 14% to GBP981.3 million (US$1.6 billion) from GBP864.2 million (US$1.4 billion).

As a result of the earnings growth, the company raised its dividend almost 9% to GBP0.111 (US$0.18) from GBP0.102 (US$0.16).

Shares closed Wednesday at GBP2.95 (US$4.71).