Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q1 2020 Results
Presentation to Investors
and Analysts
UK merger project on track despite external
callenges
ISI
ICELAND
SEAFOOD
UK
ISI
ICELAND
SEAFOOD
UK
.
•
Investment in new
production and
coldstore facility for
merged UK Operation
•
A 10.000m2 facility in Grimsby
acquired in beginning of March,
including three processing halls and
a 2.000MT coldstore capacity. Total
investment of £5.0-6.0m including
refurbishment and machinery to
fully utilize its potential,
Coldstore up and running from
beginning of June, estimated
annual cost savings of c.a.
€0.5m based on current
operation,
Refurbishment of production
facility on track with the aim of
starting production in Q4 2020.
Targeting to have all
production in a single location
in Q1 2021,
Merger project on
track despite
challenges due to
Covid19
•
•
Havelok and IS Barraclough will be
merged during this year under one
leadership team and a single site,
In order to be the sole shareholder
of the merged entity, a 33%
minority share in Havelok was
acquired in beginning of March,
Havelok renamed to Iceland
Seafood UK at end of April.
Legal merger with IS
Barraclough to be finalised
during the year,
One finance team in the new
office premises from beginning
of June,
Will create a significant player in
the market, with stronger buying,
production and marketing power.
Considerable synergies to be
created e.g. in overhead,
production, sourcing and coldstore.
Commercial
discussions with key
UK retail customers on
track
•
In addition to synergies
associated with the merger
there will be a room for
significant growth when facility
is up and running,
Product range will reflect
current offerings but on a
larger scale,
Commercial
discussions taking
place with key retailer
customers in UK,
Positive impact from synergy
creation and revenue growth
estimated to come through
from Q1 2021.
5View entire presentation