StockMarketWire.com - Food packing business Hilton Food hiked its dividend after reporting annual profit that grew by a quarter as strong volume growth in Australia boosted performance.

For the 53 weeks ended 3 January 2021, pre-tax profit rose 25.2% to £54 million year-on-year as revenue increased 50% to £2.77 billion.

Volume grew 3.8%, led by a 107.9% surge in Australia and 8.5% growth in Europe.

'[We] concluded our joint venture transition period in Australia and purchase of the related joint venture assets while marking our one year anniversary of the opening of our Queensland facility.,' the company said.

With the proposed final dividend of 19.0p per ordinary share, total dividends in respect of 2020 will be 26.0p per ordinary share, an increase of 21.5% compared to last year, it added.

Looking ahead, the company said its operating performance since beginning of 2021 has been in line with the board's expectations.



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