Hilton Food Group PLC Update regarding Western Europe (2825U)
2013年12月2日 - 4:00PM
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RNS Number : 2825U
Hilton Food Group PLC
02 December 2013
Hilton Food Group plc
2(nd) December 2013
Update regarding Western Europe
Hilton Food Group PLC("Hilton"or the "Group"), Europe's leading
specialist international meat packing business provides the
following supplementary update regarding its operations in Western
Europe.
New Agreement with Tesco in the UK
The Board is pleased to announce that Hilton has signed a new
agreement with Tesco PLC ("Tesco"), the UK's market leading
retailer, for the increased supply of packed fresh meat products in
the UK from its dedicated facility near Huntingdon.
Under the new agreement, which runs until February 2019, Hilton
will make an additional investment to raise volumes and introduce
new state of the art technology within the facility. The agreement
means a substantial increase in volumes supplied to Tesco from the
Huntingdon facility,the full benefit of which will be obtained in
2015 and subsequent years.
Update on Trading in Western Europe (ex UK)
Excluding the UK,which will benefit from the new agreement
detailed above, the Board has concluded that a slightly lower
growth rate is now more likely for our Western Europe (ex UK)
business segment in 2014,reflecting macro-economic and consumer
weakness in some countries.The Group continues to invest in new
facilities where appropriate and will be investing to upgrade the
Swedish operation, which will deliver value to the Swedish
consumer.
Summary
We expect the impact of consumer weakness in Western Europe to
be wholly offset in 2014 by the positive effect of our new UK
agreement with Tesco. The full benefit of this agreement is
expected in subsequent years, once the upgrade of the Huntingdon
facility has been completed.The additional requirement for capital
expenditure in the UK and Sweden is estimated to total
approximately GBP30m,to be financed primarily from banking
facilities and also from internal cash resources.
Commenting, Robert Watson, CEO of Hilton Food Group said:
"This is an exciting development for Hilton. We are proud to
have formed a strong, long-lasting partnership with Tesco and we
will continue to work closely with them to supply products of the
highest quality to their customers."
Enquiries:
Hilton Food Group plc Tel: +44 (0)1480 387214
Robert Watson OBE, Chief Executive
Nigel Majewski, Finance Director
Citigate Dewe Rogerson Tel: +44 (0)207 282 2889
Tom Baldock
Clare Murray
This information is provided by RNS
The company news service from the London Stock Exchange
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