Reykjavik-based Icelandic Group has achieved a turnaround in profits for continuing operations – from a loss of EUR 5.4 million (USD 6.1 million) in 2014 to a profit of EUR 7.9 million (USD 9 million) last year.
The seafood company’s revenue from continuing operations amounted to EUR 536.4 million (USD 609.8 million) last year, compared with EUR 493.9 million (USD 561.5 million) in 2014, representing an increase of 9 percent, which it said was mainly due to increased volume and internal growth in its main markets.
Last year’s earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 18.3 million (USD 20.8 million), up from EUR 12.6 million (USD 14.3 million) in 2014.
All underlying Icelandic Group businesses reported profit last year.
“Looking back on 2015 I am pleased to confirm that all our continuing business are performing on and above budget, delivering a solid profit for the year 2015. This achievement can all be attributed to good cooperation and great teamwork across all businesses. Revenue increased slightly due to increased volume and internal growth in our main markets. We additionally report strong margins compared to last year. Group balance sheet remains strong with equity ratio at 47.3 percent,” said Arni Geir Palsson, CEO of Icelandic.
“For 2016, we expect an organic volume growth compared to 2015 and continued strengthening of our relationship with our key customers.”
The company’s total workforce averaged more than 1,600 employees last year, spread across processing plants in Iceland, the United Kingdom, Belgium and Spain, as well as sales and marketing teams across Europe and the United States. It supplies private label and own-branded products.
In the U.K. market its Icelandic Seachill subsidiary is one of the leading processors and suppliers of chilled fish to retail. It also owns The Saucy Fish Co. chilled seafood brand.
