Magnús Bjarnason, Icelandic Group CEO. (Photo Credit: Icelandic Group Vimeo)

Icelandic Group consolidates its position with strategic re-structuring

Global seafood company Icelandic Group reported profits amounting to EUR 16.7 million before capital costs for the 2013 operating year, representing an increase of roughly EUR 4.8 million from 2012, when EBITDA profit was almost EUR 11.9 million.

Earnings before interest and taxes (EBIT) grew 40 per cent year-on-year to EUR 6.2 million (EUR 4.5 million in 2012) and profit after tax impairment and financial expense totalled EUR 2.3 million (EUR 338,000 in 2012).

Given these results, the company states it remains in excellent financial position with a strong balance sheet and year-end equity totalling EUR 130 million.

”Icelandic Group’s financial performance and profitability is moving in the right direction while we continue to make improvements and face industry challenges head on. Recent changes in our operation had a negative impact on the financial results for the year 2013 but will deliver higher returns long term,” pointed out Magnús Bjarnason, CEO of the firm.

The CEO also remarked that their strategic objectives are clear, stressing that the company is market-driven with a strong position through its brands and sales networks in Europe, Asia and the United States.

According to Bjarnason, the firm has recently acquired a primary processing facility in Iceland and thus it is now better positioned to develop new products and work more closely with key suppliers in Iceland and elsewhere.

The firm informed that in order to enhance cooperation and communication between its subsidiaries around the world and to ensure better performance across all markets, significant strategic decisions were put into action last year including the closure of operations in Norway and the consolidation of three UK subsidiaries under the new name Icelandic Seachill.

Besides, throughout last year, there were continued investments in "The Saucy Fish Co," which was chosen as one of Britain’s “coolest” brands in the annual Cool Brands® survey, and "Icelandic" brands and products from The Saucy Fish Co. line, a brand recently launched by Icelandic Seachill, are sold at present throughout most major supermarkets in the UK such as Tesco, Sainsbury's and Waitrose.

Furthermore, Giant Food Stores, an American supermarket chain, began offering this product line throughout their 400 retail locations across the United States.

The Icelandic brand also went well in Southern Europe and in North America through the Canadian seafood company High Liner Foods.

Icelandic Group, which began operational restructuring in China and Japan last year, has become the largest exporter of seafood to these countries, where the company will increase its involvement in this region in the coming years under the brand name Icelandic. 

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Address:	Borgatún 27
City:	Reykjavík
State/ZIP:	(560-7800)
Country:	Iceland
Phone:	+354 560 7800
Fax:	+354 562 1252
E-Mail:	info@icelandic.is
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