Hilton Food on Thursday forecast significantly higher write-offs than previously indicated of its smoked salmon stock sold in the US after import restrictions on its Greek facility, which the group expects to persist at least into the first half of 2026.
The British meat and seafood supplier's shares fell as much as 7.39 per cent after the warning on the higher costs.
Hilton Food has faced major operational challenges, particularly at its seafood business Foppen, after the US restricted imports from its key Greek facility, prompting the group to switch to supplies from the Netherlands.
The company said it was maintaining caution on its 2026 outlook, citing the expected smoked salmon export restrictions, and inflationary pressures in its beef and white fish business.
The challenges prompted a strategic review, which Hilton Food said on Thursday was nearing completion. The group also changed leadership, with CEO Steve Murrells stepping down in November.
"Our strategic review is expected to reaffirm the focus on our core meat capabilities and highlight opportunities to drive sustainable long-term value," Executive Chair Mark Allen said.
The company expects adjusted profit before tax to be within the range of £60 million to £65 million ($83 million to $90 million) for the year.
(Reporting by Simone Lobo in Bengaluru; Editing by Rashmi Aich)