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Food business Hilton Food hiked its dividend even as it reported a fall in first-half profit as higher cost amid supply chain woes offset a jump in revenue.
For the 28 weeks to 18 July 2021, pre-tax fell 9.9% to £21.7 million, while revenue increased 35.3 % to £1.71 billion.
The rise in revenue was 'attributable principally to Australia following the JV transition which was completed in July 2020 and in Brisbane where we are operating at higher volume levels,' the company said.
Operating margin was 2.3%, down from 2.5%, reflecting ;the Australia post-JV transition arrangements and also higher raw material prices with the operating margin per kg increasing to 14.9p per kg (2020: 13.3p per kg),' it added.
The interim dividend was increased by 17.1% to 8.2p.