Hilton Food Group
HFG · Main Market · Food, Beverage and Tobacco · mcap £643m · 717.5p 3 open situations →
Open · 3
Canada facilities and Saudi JV
The Poland expansion plans were being finalised. Scoping is now due around end 2026, with customer demand pointing to a bigger expansion than first planned. Material capex is not expected until 2027.
- Purpose
- Grow fresh prepared foods
- Stage
- Plans being finalised
- Next milestone
- Full scoping completed around end of 2026
- Capex timing
- Material capex not expected until 2027
- Demand
- Customer demand signals potential for bigger expansion than originally envisaged
- Central Europe fresh prepared
- Volumes up 26% in H1 2026
Next: Complete full scoping of Poland expansion · 31 Dec 2026
- 3 Sep 2026 Saudi Q4 2026; Canada January 2027
- 19 May 2026 On track; bacon added to Canada scope
- 31 Mar 2026 On schedule; contribution expected from 2027
- 11 Nov 2025 On schedule
Business and portfolio review
Includes Foppen US shipment disruption – Restrictions ongoing; exceptional costs continue
Since March 2026 the company has run improvement plans at Seachill, Foppen and Dalco. Dalco's sale was agreed in July 2026 with a £16.7m impairment, removing its losses from guidance. Seachill plans are expected to help in H2, while Foppen was disappointing.
- Seachill
- Improvement plans expected to have positive impact in H2 2026
- Dalco
- Sale agreed July 2026; £16.7m non-cash impairment; held for sale; price not stated
- Aim
- Increase strategic optionality
- Next milestone
- Interim results 3 September 2026
- Foppen
- Disappointing; margin pressure; ongoing Greece-US export restrictions
- Seafood result
- Adjusted operating loss £2.2m vs £2.8m profit in H1 2025
Next: Dalco sale completion; Seachill H2 improvement impact
- 3 Sep 2026 Dalco sale agreed; Seachill plans gaining traction
- 19 May 2026 Cost reduction and volume plans under way
- 31 Mar 2026 Improvement plans being implemented
- 29 Jan 2026 Nearing completion; core meat focus expected
Foppen US shipment disruption
Part of Business and portfolio review – Dalco sale agreed; Seachill plans gaining traction
Since November 2025 US export restrictions on Foppen's Greek facility have driven exceptional costs, previously £27.6m. H1 2026 adds further exceptional costs within a £21.0m adjusting items total, and Foppen performance was disappointing with margin pressure.
- Exceptional costs
- £27.6m booked
- Shipping
- US exports now by sea rather than air
- Next milestone
- FDA feedback on submission; no date stated
- H1 adjusting items
- £21.0m, predominantly Foppen restrictions plus restructuring and transformation costs
- Earlier exceptional costs
- £27.6m booked previously
- Restrictions
- Ongoing regulatory restrictions on exports from Greece to US
Next: FDA feedback on submission
- 3 Sep 2026 Restrictions ongoing; exceptional costs continue
- 19 May 2026 Exporting by sea; awaiting FDA feedback
- 31 Mar 2026 Restrictions continue; £27.6m exceptional costs booked
- 29 Jan 2026 Restrictions continue; US supply from Netherlands
Closed · 1
Company filings. Not investment advice.