Hilton Food Group said on Tuesday that Steve Murrells has stepped down as its chief executive officer, with immediate effect, as the Huntingdon-based meat and seafood supplier continues to navigate a difficult trading backdrop.

Non-executive chair Mark Allen has been appointed executive chair and will provide executive leadership while the board considers chief executive officer succession. Hilton Food reiterated guidance that growth is likely to be challenging, while stating it remains in a strong financial position and expects annual performance to be in line with previous expectations.

Earlier in November, the company issued a profit warning tied to severe operational issues in its seafood division and persistent inflationary pressures. Hilton Food also referenced restrictions on US shipments from its Greek facility. Shares rose 2.0 per cent to 492.84 pence on Tuesday morning in London, AJ Bell reported.

Hilton Food said in its recent trading update that adjusted pretax profit for the financial year ending 28 December would be between £72 million and £75 million, below the earlier consensus range of £76.8 million to £81.0 million and down from £76.1 million in 2024. The company maintained those expectations on Tuesday.

Murrells, who has led the group for more than two years, will provide transitional support through the end of December. “Hilton Foods is a great business and I have been privileged to serve as its CEO. I’m particularly proud of the progress we have made in significantly expanding our international operations, most notably the expansion into Canada and Saudi Arabia,” he said.

Allen praised Murrells’ contribution. “On behalf of the board, I would like to thank Steve for his important contribution to the group and we wish him well for the future,” he said, according to AJ Bell.

The group’s leadership change follows a period of pressure on margins and operations, particularly in seafood, a segment the company has previously identified for improvement. While reiterating caution on the near-term outlook, Hilton Food said its balance sheet and liquidity position support its long-term strategy, and the board remains confident in prospects for the business.

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