Hilton Food Group plc

FULL YEAR TRADING UPDATE

Hilton Food Group plc ("Hilton Foods" or the "Group"), the leading international multi-protein food business, today provides a trading update for the 52 weeks ended 1^st January 2023.

Trading

For the full year the Group expects to report results in line with the Board's expectations, which were revised in early November.

During the year, there has been continued revenue growth compared to the same period  in 2021 and a pleasing performance in the lead-up to the festive period.

·   In APAC we have seen strong topline growth from our three facilities in Australia and, coupled with the first full year of trading at our New Zealand food park, have delivered further volume and revenue growth.

·   In the UK and Ireland we have continued to make progress, with a strong Christmas trading period, whilst also focusing on a number of cost saving initiatives.  In addition, we have continued our investments in automation, the benefits of which will be seen in 2023.  Recent progress to pass through and mitigate unprecedented inflationary cost increases, particularly in the UK Seafood business, have been encouraging and leave us well placed as we start the new year.  This work has progressed alongside a total business review in UK Seafood, which is starting to deliver positive results.

·   Our other businesses in Europe have performed well with revenue ahead of the previous year, benefiting from the acquisition of Foppen and particularly strong trading in Central Europe, driven by the continued performance of our fresh food business, and our Scandinavian markets.

·   In 2022 we increased our investment in Foods Connected and started new partnerships with Agito and Cellular Agriculture. We continue to be pleased with how each of these businesses has progressed.

Outlook

Given the recent trading performance and the Group's strengths, including a diversified product offering, state-of-the art facilities, our technology driven supply chain expertise, and our strong position in ESG, the Board remains confident in the outlook for 2023, despite the wider macro-economic challenges.  The Group's financial position continues to be strong with leverage and headroom at comfortable levels.

In December we announced our entry into South East Asia through our strategic partnership with Country Foods. We continue to explore wider geographic expansion and opportunities for growth in our existing markets as we deliver on our strategy as the protein partner of choice.

The Group will publish its preliminary results on 5^th April 2023.

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