Iceland Seafood International: Continuing profit before tax triples year on year
Helgi Anton Eiríksson, CEO
"These are very pleasing results for our first year as a listed company, with all profit, debt and equity measures positively ahead of the prior year comparatives, with both operating divisions contributing meaningfully to these results. Our strategy is to focus on value creative activities, margin growth and effective use of our working capital.
The value added division, encompassing our three operations in Spain and the UK, saw profit before tax up 22%. Havelok, our foodservice business in the UK, reached the critical mass in the first half of the year needed to move into profitability and continued to build on this during the second half of the year. The three added value businesses have all seen capital investment programmes during 2016, which put them in a good position for profit growth in 2017 and beyond.
Our sales and distribution division benefitted from a focus on margin and expanding our market penetration, resulting in continuing divisional profit before tax of €1.5m.
Group net debt of €38.6m was €11.8m lower than the prior year, benefitting from the working capital reduction programme in both divisions and the equity injection in May 2016.
We are seeing strong market demand for 2017 and the Group is well placed to continue to grow organically and is actively working on acquisition opportunities in Europe."
On 29 th March at 8:30am, Iceland Seafood International hf will host a meeting for market participants and investors, where management will present and discuss the full year results. The meeting will be held at Hilton Reykjavik Nordica, Vox Home.