THE worldwide trading company Iceland Seafood International (ISI) has reported higher profits and lower debt levels for 2016.
Figures just released show the company, which owns Havelok Seafood in Grimsby, made a profit of 2.6 million euros for the year, up by 2.7 million euros in 2015 when it made a small loss.
Revenues totalled 246 million euros compared with 258 million euros in 2015. The net margin was 19 million euros, up by 2.8 million euros on the previous year.
The debt level has also been reduced by 25 per cent to 34.7 million euros. Iceland Seafood International said it is also expecting further growth this year thanks to strong demand for seafood.
CEO Helgi Anton Eiríksson said: ‘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 per cent.
‘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 benefited from a focus on margin and expanding our market penetration, resulting in continuing divisional profit before tax of €1.5 million.
‘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.’
Based in Reykjavik, Iceland Seafood International operates six strategically placed subsidiaries in Europe (including Grimsby in the UK) and in North America.