Icelandic Group Turns Profit In 2009

The Fish Site
by The Fish Site
30 March 2010, at 1:00am

ICELAND - Icelandic Group, the sixth largest seafood company in the world, has revealed that 2009 was indeed a good year for them. Debt was reduced, profits increased and extensive cost cutting measures were introduced.

Adjusted profit before tax for Icelandic Group was 16.5 million Euros and profit after tax was 6.2 million Euros. A significant change from 2008 when the company made a 159.6 million Euro loss.

This turnaround has eased the financing of the company and its cash flow. Great care has been taken in lowering costs of inventory financing and debt reduction in regard to Icelandic Group’s main creditor NBI hf.. Icelandic Group is now wholly owned by subsidiary of NBI hf., Vestia.

Given Icelandic Group´s improved financial strength, the company managed to reduce debt by 66 million Euros.

"The outlook for this year is positive as reform and restructure will continue. With one billion Euros in turnover, coupled with an extensive sales network and positive cash flow, Icelandic Group has brought its house in order and is well situated to face increasing competition in the international food industry." said a statement from the company.

Domestic operations of Icelandic Group also increased last year whilst the number of operating locations abroad were reduced with subsidiary companies now being 30 in 14 countries. In addition, staff reductions were made and the current number of employees is 3,700.