Iceland Seafood’s sales and profits soar
THE international fish trading company Iceland Seafood International (ISI) has reported a significant rise in its 2018 half year sales and profits.
As part of its growth strategy, ISI has agreed two strategic purchases already this year, the Spanish acquisition Solo Seafood/Icelandic Iberica in August (which was finalised this month) and the Irish fish trading business Oceanpath, completed in March according to fishupdate.com
Sales shot up by 29 per cent to €150 million, while the operating profit soared by 71 per cent to €2.7 million.
CEO Helgi Anton Eiríksson said: ‘It is very pleasing to report strong results for the first half of the year and a successful completion of the acquisition of Oceanpath, in line with our announced strategic intent of investing in value added companies internationally.
‘Oceanpath is performing strongly and contributing well to our group.’
He said the purchase of Solo Seafood, the parent of Icelandic Iberica, should take group sales to €400 million and pre-tax profits in excess of €10 million.
In fact, Icelandic Iberica is expected to add at least €6 million to the likely profits increase.
Eiríksson added: ‘In the first half of 2018 we saw strong growth in our value added division, which includes our two UK businesses, the business in Spain, and Oceanpath in Ireland.
‘In the period, the value added division saw sales growth of 36 per cent to €78 million and normalised pre-tax profit growth of 71 per cent to €2.7 million, driven by new listings, higher activity levels and the inclusion of Oceanpath.
‘Our sales and distribution division, which includes our businesses in Iceland, France, Germany and the US, saw a positive sales increase of €15 million to €92 million.’
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