Iceland Seafood International: Normalized profit before tax up by 55% on the prior year
- Revenues for 1H 2016 were €119m,
- Normalized PBT of €1.7m was up €0.6m from 1H 2015
- Net profit of €1.2m was up €1.0m from 1H 2015
- Net debt level of €38.6m, reduced by 24% over the last 12 months.
Download: ISI – 1H16 Interim Financial Statements
Helgi Anton Eiríksson, CEO
“Strong results for the first half of the year with profit before tax 55% up on last year and 13% better than expectations. These excellent results are driven by good performance in all operating divisions. The Iceland Division saw growth in profitability, driven by improved pelagic margins and lower working capital. Iceland is the backbone of our business, where we work with a broad spectrum of producers to maximize the value of their products in different markets.
The value added businesses in UK are collectively showing strong profit growth, where Havelok, our foodservice business which started trading in 2013 has reached the critical mass to move into profitability enabling the UK division to double its pretax profits.
The important Spanish business continues to deliver the largest profit contribution of the three operating divisions, with sales growing from previous year.
Group net debt levels reduced significantly in 1H 2016, where the Group continues to benefit from the reduction in working capital within various subsidiaries of the Group and is also positively impacted by the €5.0m equity injection in May.
The Group’s shares were listed on the First North Iceland market on 25 May 2016, following an equity raise and sale of a 40% stake in the company to professional investors in Iceland. This was the first listing on the First North market in Iceland for many years, and an important step for the Group to initiate it‘s plans for further expansion to service its customers with high quality, value added seafood.
At the end of 1H 2016 the Group is well positioned to maintain and grow revenue and margins, with strong demand for seafood in most major markets”.
On August 24th at 8.30 am, Iceland Seafood International hf will host a meeting for market participants and investors, where management will present and discuss half year results. The meeting will be held at Hilton Reykjavík Nordica, Suðurlandsbraut 2.