Iceland Seafood set to post loss as challenges with UK business continue – Insider Media

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This edition of Insider comes on the back of the…
Iceland Seafood International is set to slip to a half-year pre-tax loss, with the company saying it was now expected to “take longer and cost more than previously estimated” to stabilise its UK business.
The company's draft interim accounts for the first half of 2022 indicate a loss before tax of €1.8m (£1.5m).
It said significant and rapid price increases in all areas negatively impacted results in the second quarter, especially in the value-added N-Europe division. Sharp salmon price increases in particular impacted results in Ireland in the period.
These prices are now said to have levelled off, at the same time cost increases have been passed on to customers, and the performance of the Irish operation is expected to be back to normal levels from Q3 2022.
The operation of IS UK was loss making in the period and Iceland Seafood said it had “become clear it takes longer and cost more than previously estimated to stabilize the UK business”
It added: “Challenges in the external environment continued to impact the business in the period, with the outbreak of Omicron Covid-19 in the beginning of the year which had disruptive impact on both operations and logistics and price increases of various input factors during the whole period.
“The new but experienced management team is stabilizing the operation, key tasks are to rectify sales prices and to grow the business with both current and new customers. 
“Based on current outlook it is expected that operation will be loss making during 2H 2022, but that breakeven level will be reached in 1H 2023.”
Based on the current outlook it is expected that the UK operation will be loss making during the second half of 2022, but that breakeven level will be reached in 1H 2023.
For 2022, the outlook range for normalised pre-tax profit has been amended to between €9m and €14m, from previous outlook range of between €11m and €16m.
Iceland Seafood International is headquartered in Reykjavik with its main UK base in Grimsby.
Stephen Farrell, Senior Digital Staff Writer
T: 0844 980 0183
E: stephen.farrell@newsco.com
Andy Slim, Managing Director, North
T: 0113 220 4411
E: andrew.slim@newsco.com
T: 0161 907 9711

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