Investor Presentaiton
ICELAND
ISI SEAFOOD
Q1 2023
Presentation to Investors
and Analysts
EBIT bridge IS UK 2022-2023 (£'000)
(4.0)
Significant steps taken towards improved
operation of IS UK
The losses in Q1 were in line with
expectations. A negative market trend,
where volume has declined due to
significant consumer price increases, is
impacting Q2 results.
Key achievements have come through
in recent months in accordance with
plan:
The process of recovering inflationary costs has
come through as planned,
Improved production efficiencies and throughput
where new equipment was installed at the
beginning of the year and is working well,
Various input costs have stabilised and have been
fixed for the remainder of the year,
New retail business coming in slightly
later than planned. Retail selling price.
increases impact the volume of both.
existing and incoming businesses.
Retail selling price has increased significantly in the first four
months of the year, up to 40% in some instances,
7
•
Demand has decreased, and consumers are
switching from fish to other proteins, especially
after increases in March/April. It needs to be seen
if the impacts are temporary or long-term,
This is negatively impacting IS UK sales volumes.
and will delay the point where positive cash flow
will be reached,
Progress is being made with current and new
customers on significant new business
wins. Discussions and tender processes are
expected to bear fruit in the summertime,
with launches starting in October.
•
Revised management plan assumes a positive
EBIT from Q4 onwards but negative PBT of £4.0-
4.5m for the year,
IS UK is still classified as an asset held for
sale. As before, Iceland Seafood intends to
support further consolidation in the UK
processing industry.
Cost New retail New Reduced
EBIT 2022 recovery business equipment costs
Volume
decline
New
business
wins Q4
3+9
Forecast
•
1,0
-1,0
-3,0
-5,0
-7,0
-9,0
10.9
-11,0
4.1
0.3
2.5
3.1
(4.2)
1.0View entire presentation