Hilton Food Group

HFG · Main Market · Food, Beverage and Tobacco · mcap £642m · 714.0p

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Financials · balance sheet 28 Jun 26 · last twelve months · today’s market value

Source: results 03 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £642.3m
Owner’s net cash: −£194.4m
Net cash / market cap: -30%
EV ex leases: £802.7m
Revenue: £4,518m
Operating profit: £75.2m
Free cash flow after leases: −£16.3m
EV / EBIT: 10.7×
FCF yield: -2.5%
Price / tangible book: 1.91×
ROCE: 9%
Net income (owners): £51.6m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 28 Jun 26), published 03 Sep 26 · read the results ↗

Source ↗

	28 June 2026 £'m	29 June 2025 1 £'m
Revenue	2,289.1	1,986.1
Cost of sales	(2,074.9)	(1,778.7)
Gross profit	214.2	207.4
Distribution costs	(23.5)	(20.7)
Administrative expenses	(160.9)	(143.3)
Share of (loss)/profit in joint ventures and associates	(1.2)	0.2
Operating profit	28.6	43.6
Finance costs - net	(16.8)	(16.5)
Profit before income tax	11.8	27.1
Income tax expense	(4.3)	(6.9)
Profit for the period from continuing operations	7.5	20.2
Discontinued operations
(Loss) for the period from discontinued operations	(17.7)	(3.1)
(Loss)/profit for the period	(10.2)	17.1
Profit attributable to
Owners of the parent	(10.8)	16.5
Non-controlling interests	0.6	0.6
Total profit attributable to	(10.2)	17.1
Earnings per share for profit/(loss) attributable to owners of the parent
From continuing operations
- Basic (pence)	7.7	22.1
- Diluted (pence)	7.7	21.8
From continuing and discontinued operations
- Basic (pence)	(12.0)	18.6
- Diluted (pence)	(12.0)	18.3

Source ↗

	28 June 2026 £'m	29 June 2025 £'m	28 December 2025 £'m
Assets
Non-current assets
Property, plant and equipment	332.0	343.3	330.5
Right-of-use assets	157.0	162.7	163.8
Intangible assets	111.3	142.4	116.0
Investments in joint ventures and associates	39.6	11.5	37.2
Trade and other receivables	25.7	-	21.9
Deferred tax assets	27.7	17.8	26.0
Total non-current assets	693.3	677.7	695.4
Current assets
Inventories	214.0	261.8	240.9
Trade and other receivables	258.3	242.2	265.1
Current tax assets	0.5	1.7	0.8
Derivative financial assets	1.3	5.5	1.7
Cash and cash equivalents	131.7	92.2	150.5
Assets classified as held for sale	19.6	-	-
Total current assets	625.4	603.4	659.0
Total assets	1,318.7	1,281.1	1,354.4
Equity and liabilities
Equity
Ordinary shares	9.0	9.0	9.0
Share premium	144.9	144.9	144.9
Employee share schemes reserve	9.0	9.8	9.1
Foreign currency translation reserve	(1.9)	(8.0)	(2.0)
Cashflow hedging reserve	3.9	7.3	5.3
Other reserves	(30.8)	(30.8)	(30.8)
Retained earnings	197.2	178.1	230.4
	331.3	310.3	365.9
Non-controlling interests	5.6	9.6	6.3
Total equity	336.9	319.9	372.2
Liabilities
Non-current liabilities
Borrowings	313.2	267.0	194.7
Lease liabilities	177.0	178.8	181.0
Deferred tax liabilities	4.3	12.1	4.8
Total non-current liabilities	494.5	457.9	380.5
Current liabilities
Borrowings	12.9	27.6	82.5
Lease liabilities	17.1	17.6	17.1
Trade and other payables	438.4	452.2	496.7
Derivative financial liabilities	2.5	2.2	1.0
Current tax liabilities	1.7	3.7	4.4
Liabilities directly associated with assets classified as held for sale	14.7	-	-
Total current liabilities	487.3	503.3	601.7
Total liabilities	981.8	961.2	982.2
Total equity and liabilities	1,318.7	1,281.1	1,354.4

Source ↗

	28 June 2026 £'m	29 June 2025 £'m
Cash flows from operating activities
Cash generated from operations	45.3	26.9
Interest paid	(22.2)	(17.8)
Income tax paid	(11.3)	(9.7)
Net cash generated from/(used in) operating activities	11.8	(0.6)
Cash flows from investing activities
Acquisition of investments in joint ventures	(3.6)	-
Cash payments to acquire leasehold property	(3.1)	-
Purchases of property, plant and equipment	(33.5)	(37.8)
Proceeds from sale of property, plant and equipment	0.5	0.5
Purchases of intangible assets	(5.6)	(3.9)
Interest received	0.8	0.5
Loan to joint venture	(7.0)	-
Dividends received from joint venture	-	0.7
Net cash (used in) investing activities	(51.5)	(40.0)
Cash flows from financing activities
Proceeds from borrowings	301.7	64.3
Repayments of borrowings	(248.1)	(11.9)
Payment of lease liability	(9.0)	(8.6)
Dividends paid to owners of the parent	(22.4)	(22.4)
Dividends paid to non-controlling interests	(1.2)	(1.4)
Net cash generated from financing activities	21.0	20.0
Net cash and cash equivalents used	(18.7)	(20.6)
Cash and cash equivalents at beginning of the period	150.5	111.9
Exchange (losses)/gains on cash and cash equivalents	(0.1)	0.9
Cash and cash equivalents at end of the period	131.7	92.2

Source ↗

	2025 52 weeks £'m	2024* 52 weeks £'m
Continuing operations
Revenue	4,214.6	3,821.4
Cost of sales	(3,778.0)	(3,388.7)
Gross profit	436.6	432.7
Distribution costs	(45.8)	(42.1)
Administrative expenses	(336.5)	(296.1)
Gain from disposal of subsidiary	35.5	-
Share of profit in joint ventures	0.4	0.4
Operating profit	90.2	94.9
Finance income	1.1	1.7
Finance costs	(35.2)	(39.2)
Finance costs - net	(34.1)	(37.5)
Profit before income tax	56.1	57.4
Income tax expense	(8.6)	(18.2)
Profit for the period	47.5	39.2
Discontinued operations
Profit for the period from discontinued operations	32.5	2.4
Profit for the period	80.0	41.6
Attributable to
Owners of the parent	78.9	39.3
Non-controlling interests	1.1	2.3
Total attributable to	80.0	41.6
Earnings per share attributable to owners of the parent during the period
From continuing operations
Basic (pence)	51.6	41.1
Diluted (pence)	51.3	40.7
From continuing and discontinued operations
Basic (pence)	87.8	43.7
Diluted (pence)	87.3	43.3
Total from continuing and discontinued operations	2025	2024

Source ↗

	Group 2025 52 weeks	Company 2024 52 weeks	2025 52 weeks	2024 52 weeks
Assets
Non-current assets
Property, plant and equipment	330.5	329.7	-	-
Intangible assets	116.0	141.0	-	-
Right-of-use assets	163.8	172.8	-	-
Investment in joint ventures and associates	37.2	12.1	257.0	256.7
Trade and other receivables	21.9	-	-	-
Deferred tax assets	26.0	17.0	-	-
Total non-current assets	695.4	672.6	257.0	256.7
Current assets
Inventories	240.9	197.7	-	-
Trade and other receivables	265.1	253.7	10.3	8.7
Current tax assets	0.8	0.4	-	-
Derivative financial assets	1.7	0.1	-	-
Cash and cash equivalents	150.5	111.9	-	-
Total current assets	659.0	563.8	10.3	8.7
Total assets	1,354.4	1,236.4	267.3	265.4
Equity
Equity attributable to owners of the parent
Ordinary shares	9.0	9.0	9.0	9.0
Share premium	144.9	144.9	144.9	144.9
Employee share schemes reserve	9.1	9.0	9.2	8.9
Foreign currency translation reserve	(2.0)	(12.1)	-	-
Cashflow hedging reserve	5.3	2.6	-	-
Other reserves	(30.8)	(30.8)	71.0	71.0
Retained earnings	230.4	184.0	33.2	31.6
Total equity attributable to owners of the parent	365.9	306.6	267.3	265.4
Non-controlling interests	6.3	10.2	-	-
Total equity	372.2	316.8	267.3	265.4
Liabilities
Non-current liabilities
Borrowings	194.7	213.8	-	-
Lease liabilities	181.0	189.1	-	-
Deferred tax liabilities	4.8	9.6	-	-
Total non-current liabilities	380.5	412.5	-	-
Current liabilities
Borrowings	82.5	29.5	-	-
Lease liabilities	17.1	16.9	-	-
Trade and other payables	496.7	451.8	-	-
Derivative financial liabilities	1.0	3.1	-	-
Current tax liabilities	4.4	5.8	-	-
Total current liabilities	601.7	507.1	-	-
Total liabilities	982.2	919.6	-	-
Total equity and liabilities	1,354.4	1,236.4	267.3	265.4

Source ↗

	Group 2025 52 weeks £'m	Company 2024 52 weeks £'m	2025 52 weeks £'m	2024 52 weeks £'m
Cash flows from operating activities
Cash generated from operations	124.2	183.8	-	-
Interest paid	(35.5)	(39.6)	-	-
Income tax paid	(20.5)	(19.7)	-	-
Net cash generated from operating activities	68.2	124.5	-	-
Cash flows from investing activities
Acquisition of joint ventures and associates	(1.1)	(4.4)	-	-
Cash payments to acquire leasehold property	(19.1)	-	-	-
Disposal of subsidiary, net of cash disposed	16.6	-	-	-
Disposal of discontinued operations, net of cash disposed	53.5	-	-	-
Purchases of property, plant and equipment	(69.7)	(68.0)	-	-
Proceeds from sale of property, plant and equipment	13.7	1.1	-	-
Purchases of intangible assets	(10.4)	(6.6)	-	-
Interest received	1.2	1.8	-	-
Dividends received	-	-	33.1	31.8
Dividends received from joint venture	0.7	0.6	-	-
Insurance proceeds for property, plant, and equipment	-	13.2	-	-
Net cash (used in)/generated from investing activities	(14.6)	(62.3)	33.1	31.8
Cash flows from financing activities
Proceeds from borrowings	49.2	10.4	-	-
Repayments of borrowings	(15.3)	(31.4)	-	-
Payment of lease liability	(19.0)	(17.3)	-	-
Transaction with non-controlling interests	-	(2.2)	-	-
Repayment of inter-company loan	-	-	(1.6)	(3.0)
Dividends paid to owners of the parent	(31.5)	(29.2)	(31.5)	(29.2)
Dividends paid to non-controlling interests	(1.4)	(2.9)	-	-
Net cash used in financing activities	(18.0)	(72.6)	(33.1)	(32.2)
Net increase/(decrease) in cash and cash equivalents	35.6	(10.4)	-	(0.4)
Cash and cash equivalents at beginning of the year	111.9	126.7	-	0.4
Exchange gain/(losses) on cash and cash equivalents	3.0	(4.4)	-	-
Cash and cash equivalents at end of the year	150.5	111.9	-	-

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	4,517.6	4,214.6	3,821.4
Gross profit	443.4	436.6	432.7
Adjusted EBITDA	142.9	147.3	152.6
Adjusted operating profit	93.5	95.1	99.1
Operating profit	75.2	90.2	94.9
Depreciation (right-of-use)	–	(20.6)	–
Operating profit to net income
Finance costs	(35.5)	(35.2)	(39.2)
Profit before tax	40.8	56.1	57.4
Tax	(6.0)	(8.6)	(18.2)
Net income (owners)	51.6	78.9	39.3
Discontinued operations	17.9	32.5	2.4
Per share
EPS basic	57.2p	87.8p	43.7p
EPS diluted	57.0p	87.3p	43.3p
Dividend per share	35.0p	35.0p	34.5p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	2,289.1	+15%	2,228.5	1,986.1
Gross profit	214.2	+3%	229.2	207.4
Adjusted EBITDA	66.3	−6%	76.6	70.7
Adjusted operating profit	45.8	−3%	47.7	47.4
Operating profit	28.6	−34%	46.6	43.6
Operating profit to net income
Finance costs	(16.8)	+2%	(18.7)	(16.5)
Profit before tax	11.8	−56%	29.0	27.1
Tax	(4.3)	−38%	(1.7)	(6.9)
Net income (owners)	(10.8)	n/m	62.4	16.5
Discontinued operations	(17.7)	+471%	35.6	(3.1)
Per share
EPS basic	(12.0p)	–	69.2p	18.6p
EPS diluted	(12.0p)	–	69.0p	18.3p
Dividend per share	10.1p	–	24.9p	10.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	80.6	68.2	124.5
Interest paid	(39.9)	(35.5)	(39.6)
Tax paid	(22.1)	(20.5)	(19.7)
Investing activities
Capex (PP&E)	(65.4)	(69.7)	(68.0)
Capex (intangibles)	(12.1)	(10.4)	(6.6)
Financing activities
Lease principal paid	(19.4)	(19.0)	(17.3)
Dividends paid	(31.5)	(31.5)	(29.2)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	11.8	n/m	68.8	(0.6)
Interest paid	(22.2)	+25%	(17.7)	(17.8)
Tax paid	(11.3)	+16%	(10.8)	(9.7)
Investing activities
Capex (PP&E)	(33.5)	−11%	(31.9)	(37.8)
Capex (intangibles)	(5.6)	+44%	(6.5)	(3.9)
Financing activities
Lease principal paid	(9.0)	+5%	(10.4)	(8.6)
Dividends paid	(22.4)	0%	(9.1)	(22.4)

	28 Jun 26	28 Dec 25	29 Dec 24
Non-current assets
Other intangibles	–	116.0	141.0
Property, plant & equipment	332.0	330.5	329.7
Associates & JVs	39.6	37.2	12.1
Non-current assets	693.3	695.4	672.6
Current assets
Inventories	214.0	240.9	197.7
Trade receivables	258.3	265.1	253.7
Cash	131.7	150.5	111.9
Current assets	625.4	659.0	563.8
Total assets	1,318.7	1,354.4	1,236.4
Current liabilities
Trade payables	438.4	496.7	451.8
Borrowings, current	12.9	82.5	29.5
Lease liabilities, current	17.1	17.1	16.9
Current liabilities	487.3	601.7	507.1
Non-current liabilities
Borrowings, non-current	313.2	194.7	213.8
Lease liabilities, non-current	177.0	181.0	189.1
Non-current liabilities	494.5	380.5	412.5
Total liabilities	981.8	982.2	919.6
Equity
Non-controlling interests	5.6	6.3	10.2
Total equity	336.9	372.2	316.8
Net cash and other figures
Net cash / (debt) ex leases	(194.4)	(126.7)	(131.4)
Net cash / (debt) incl. leases	(392.5)	(324.8)	(337.4)
Undrawn facilities	141.7	106.0	108.0

	28 Jun 26	28 Dec 25	29 Jun 25	29 Dec 24
Non-current assets
Other intangibles	–	116.0	–	141.0
Property, plant & equipment	332.0	330.5	343.3	329.7
Associates & JVs	39.6	37.2	11.5	12.1
Non-current assets	693.3	695.4	677.7	672.6
Current assets
Inventories	214.0	240.9	261.8	197.7
Trade receivables	258.3	265.1	242.2	253.7
Cash	131.7	150.5	92.2	111.9
Current assets	625.4	659.0	603.4	563.8
Total assets	1,318.7	1,354.4	1,281.1	1,236.4
Current liabilities
Trade payables	438.4	496.7	452.2	451.8
Borrowings, current	12.9	82.5	27.6	29.5
Lease liabilities, current	17.1	17.1	17.6	16.9
Current liabilities	487.3	601.7	503.3	507.1
Non-current liabilities
Borrowings, non-current	313.2	194.7	267.0	213.8
Lease liabilities, non-current	177.0	181.0	178.8	189.1
Non-current liabilities	494.5	380.5	457.9	412.5
Total liabilities	981.8	982.2	961.2	919.6
Equity
Non-controlling interests	5.6	6.3	9.6	10.2
Total equity	336.9	372.2	319.9	316.8
Net cash and other figures
Net cash / (debt) ex leases	(194.4)	(126.7)	(202.4)	(131.4)
Net cash / (debt) incl. leases	(392.5)	(324.8)	–	(337.4)
Undrawn facilities	141.7	106.0	–	108.0

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