UK-based meat and seafood processor and supplier Hilton Food Group saw its earnings squeezed in the first half of the year with its seafood business "significantly impacted" by the effects of the Ukraine war and wider inflationary pressures.

The group, a major supplier to Tesco, warned profitability for the year will be below expectations as volumes are further pressured by the cost of living crisis and consumers becoming more cost-conscious.

For its seafood business in particular, these trends have been exacerbated “with world events leading to unprecedented raw material price increases,” it said.