Icelandic profits up on ‘significant’ operations changes
Icelandic Group’s EBITDA in 2013 totaled EUR 16.7 million (USD 23 million), up about EUR 4.8 million (USD 6.6 million) compared to 2012 when EBITA was almost EUR 11.9 million (USD 16.4 million).
Profit also increased to EUR 2.3 million (USD 3.2 million) compared to EUR 338,000 (USD 466,829) in 2012.
The company also said significant strategic decisions were put into action last year including the closure of operations in Norway, renaming the Belgian subsidiary from Gadus to Icelandic Gadus and consolidating three U.K. subsidiaries under the new name Icelandic Seachill. The aim is to complete the integration of the U.K. companies during 2014. With these changes, all subsidiaries now operate under the Icelandic name.
”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. Our strategic objectives are clear; the company is market-driven with a strong position through its brands and sales networks in Europe, Asia and the United States,” said Magnús Bjarnason, Icelandic CEO.
“With the recent acquisition of a primary processing facility in Iceland, Icelandic Group is now better positioned to develop new products and work more closely with key suppliers in Iceland and elsewhere. The increased demand for high quality seafood and more transparency in the value chain coupled with unparalleled access to key markets is providing Icelandic Group with a unique distinction in the seafood sector today.”