Hilton Food Group plc (LON: HFG) announced yesterday that its pre-tax earnings increased in 2020 due to strong revenues. The company explained its strong performance by saying that the ongoing Covid-19 crisis had led to home depreciation last year. The pandemic has so far infected more than 130 million people worldwide and caused more than 2.8 million deaths.
Hilton shares rose nearly 5% during yesterday’s trading but lost nearly half of their intraday gains in the open market. The share price is now 11.46 pounds. By comparison, Hilton Food Group started the year at a lower price of £ 10.82 a share. Read more here if you are interested in investing in the stock market.
Hilton Records 24% Volume Growth
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Hilton said its profit before tax for the past year was 54 million pounds. In 2019, earnings before tax fell to £ 43.2 million. Hilton valued its revenue in 2020 at 2.77 billion pounds compared to 1.81 billion pounds the previous year.
The food packaging business recorded 24% volume growth per annum. Hilton said its Australian operations have shown resilience after launching its new Queensland facilities. In a separate news from the UK Shares of food delivery company Deliveroo rose yesterday When private investors joined the trade.
Yesterday the Hilton Board of Directors announced 19 pence a share in a final dividend, which equates to 26 pence per share in full-year payments, or 22% higher than the previous year. According to the listed company FTSE 250, its financial results in 2021 meet management expectations so far.
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Comments by President Robert Watson
Robert Watson, Chairman of Hilton Food Group, commented on the financial update, saying:
“There are still some uncertainties about the full impact of covid-19, including potential recession risks, but our robust, sustainable business model and wide geographic reach make us believe that we are well positioned to meet future challenges.”
In its previous report, published in September, the London-listed company announced a 17.9% increase in its adjusted operating profit for the first half of the year. Hilton Food Group plc has traded steadily on the average stock market last year. At the time of writing, the food packaging business has a market value of around £ 937 million and a price-to-earnings ratio of 25.20.