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Thursday, 31 August 2017

Iceland Seafood International hf.: 1H 2017 Results

Iceland Seafood International hf.    

Published: 18:45 CEST 31-08-2017 /GlobeNewswire /Source: Iceland Seafood International hf. / : ICESEA /ISIN: IS0000026961

Iceland Seafood International hf.: 1H 2017 Results


Solid performance despite 10 week fisherman's strike with strong second half of the year projections leading to robust year on year organic growth

  • Revenues for 1H 2017 of €116m. 
  • Normalised PBT of €1.3m was €0.4m down from 1H 2016.
  • Net profit of €0.9m was down €0.3m from 1H 2016.
  • Net debt level of €36.9m, reduced by 4% over the last 12 months.
  • Equity ratio improved to 20.0% compared with 17.8% in June 2016.


Helgi Anton Eiríksson, CEO

"Strong results for the first half of the year given headwinds of strike in Iceland, Brexit devaluation of Sterling and strengthening ISK, with significant contribution from both operating divisions to these results.

Whilst the strike impact on turnover was a reduction of €9m, organic growth with new listings and new customers generated an incremental €6m of sales reducing the year on year sales decline to €3m.

Compared with the first half of 2016, we have seen a far weaker British pound following the Brexit vote, this reduced our UK results when they are converted into Euro's for Group reporting. As has been widely reported the ISK has also strengthened considerably during this period and whilst less than 2% of our total costs are incurred in ISK this has also impacted profitability in the 1st half of the year versus last year. Without the combined effects of the strike and currency movements normalized Profit before tax would have been €0.6m higher than reported.

The Value Added division saw normalized Profit before tax of €1.6m, broadly in line with the prior year despite the impacts of the strike and currency movements, benefiting from a number of new listings which will continue to boost this division's results in the remainder of 2017. During the period we also completed our shellfish packing investment in the UK.

The Sales and Distribution division saw normalized Profit before tax of €0.5m, down €0.2m on the prior year, with the strike and currency impacts mentioned above affecting these results. Despite these challenges the division has successfully broadened its customer base, seeing sales to North America increase 25%. With increased quotas in Iceland and quota transferred to the 17/18 season due to the strike, the profit outlook for the 2nd half of the year is positive for the Sales & Distribution division.

Management currently projects full year normalized Profit before tax in the range of €3.5 - 3.7m, up from €3.3m in the prior year.

The Group continues to actively work on potential acquisition opportunities in Europe, which combined with the strong organic growth forecasted in 2017 will provide an excellent platform for accelerated profit delivery going forwards."

Investor meeting

On September 1st at 8.30 am (GMT), 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, 108 Reykjavík.



This announcement is furnished and intended for European market participants and should be viewed in that manner. 

Any potential forward looking statements contained in this announcement are reflective of management's current views on future events and performance, whilst the views are based on positions that management believes are reasonable there is no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risk and consequently actual results may differ to the statements or views expressed.




ISI Interim Financial Statements - 1H 2017

This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Iceland Seafood International hf., Köllunarklettsvegur 2, Reykjavík 104, Iceland
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