Northern Ireland-based meat processor Hilton Food Group has reported operating profits of £17.3m (€20m) for the first half of 2016, a 26% increase compared to the same period last year. Operating margins widened 30 basis points to 2.7% thanks to a weaker sterling and strong volume growth.
Hilton has grown its business through strong volume growth, with sale volumes up 4.5% to more than 133,700t in this period. This helped boost turnover by more than 9% to £631.9m (€742m), while pre-tax profits increased 27% to £16.7m (€19.6m). Hilton also reduced its net debt position entirely, with cash in the bank of £21.6m (€25m) at the end of July.
Robert Watson, chief executive of Hilton, said the profitability of the business had benefited from a weakened sterling, which had depreciated in value in the months leading up to the Brexit vote and then plunged dramatically after the vote.
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Watson made no reference to the long-term impact he thinks the Brexit vote may have on the business despite two-thirds of sales coming from outside the UK.
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Northern Ireland-based meat processor Hilton Food Group has reported operating profits of £17.3m (€20m) for the first half of 2016, a 26% increase compared to the same period last year. Operating margins widened 30 basis points to 2.7% thanks to a weaker sterling and strong volume growth.
Hilton has grown its business through strong volume growth, with sale volumes up 4.5% to more than 133,700t in this period. This helped boost turnover by more than 9% to £631.9m (€742m), while pre-tax profits increased 27% to £16.7m (€19.6m). Hilton also reduced its net debt position entirely, with cash in the bank of £21.6m (€25m) at the end of July.
Robert Watson, chief executive of Hilton, said the profitability of the business had benefited from a weakened sterling, which had depreciated in value in the months leading up to the Brexit vote and then plunged dramatically after the vote.
Watson made no reference to the long-term impact he thinks the Brexit vote may have on the business despite two-thirds of sales coming from outside the UK.
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