Iceland Seafood International hf. - Annual Financial Report

Iceland Seafood International hf.: 2016 Full Year Results

Iceland Seafood International: Continuing profit before tax triples year on year

  * Full year revenues €246m compared with €258m in 2015
  * Net margin €19.0m up €2.8m from 2015
  * Normalized PBT of €3.3m up €2.2m from 2015
  * Profit for the year of €2.6m up €2.7m from 2015
  * Net debt level of €34.7m, 25% lower than December 2015



Helgi Anton Eiríksson, CEO

 "These  are very pleasing results for our  first year as a listed company, with
all  profit,  debt  and  equity  measures  positively  ahead  of  the prior year
comparatives,  with both operating divisions  contributing meaningfully to these
results.   Our strategy is to focus  on value creative activities, margin growth
and effective use of our working capital.

The value added division, encompassing our three operations in Spain and the UK,
saw  profit  before  tax  up  22%. Havelok,  our foodservice business in the UK,
reached  the critical  mass in  the first  half of  the year needed to move into
profitability and continued to build on this during the second half of the year.
The  three added  value businesses  have all  seen capital investment programmes
during  2016, which put them  in a good  position for profit  growth in 2017 and
beyond.

Our  sales  and  distribution  division  benefitted  from  a focus on margin and
expanding  our  market  penetration,  resulting  in continuing divisional profit
before tax of €1.5m.

Group  net debt of €38.6m was €11.8m lower than the prior year, benefitting from
the  working  capital  reduction  programme  in  both  divisions  and the equity
injection in May 2016.

We  are seeing  strong market  demand for  2017 and the  Group is well placed to
continue   to   grow   organically   and  is  actively  working  on  acquisition
opportunities in Europe."



Investor Meeting

On  29(th) March at 8:30am, Iceland Seafood International hf will host a meeting
for market participants and investors, where management will present and discuss
the full year results. The meeting will be held at Hilton Reykjavik Nordica, Vox
Home.






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Attachments:

Consolidated financial statements 2016.pdf