Q2 2020 Results Presentation
ISI
ICELAND
SEAFOOD
Q2 2020 Results
Presentation to Investors
and Analysts
Sales growth in excess of GBP 18m secured
to UK retail. Better balance beeing created
between Group retail and foodservice sales
.
Merger Project in UK
on track despite
external challenges
Coldstore with 2.000MT capacity up
and running from June 2020,
generating annual savings of €0.5m
based on current volume,
Refurbishment of production facility
on track, with production starting in
Q4 2020,
Production being moved from
Bradford to Grimsby in Q4 2020. Sale
of property in Bradford expected to
be concluded in Q4 2020,
Merger under the name of Iceland
Seafood UK completed during this
year, under one leadership team and
in a single location,
Considerable cost synergies being
created on top of a significant sales
growth into retail.
•
New listings of
GBP18m sales per
annum secured with
UK retail customers
Commercial agreements with key UK
retail customers resulting in expected
revenue growth in excess of GBP 18m
for 2021.
Product range will reflect current
offerings on a larger scale
Will create a significant player,
servicing UK retail, with strong buying,
production and marketing power,
Improved balance between retail and
foodservice. Expected that c.a. 50% of
Group future profit generation will
come from retail compared to c.a.
33% in 2019.
•
LOI signed to acquire
Carrs & Sons in Ireland
•
A company producing from
1000MT of raw material
predominantly salmon for Irish
retail. Generated PBT of €0.9m in
2019,
Opportunity to further
strengthen Iceland Seafood's
position when comes to servicing
Irish retail customers,
Would improve brand recognition
with accessing the Nolan
Seafood brand,
Significant synergy opportunities
when comes to processing,
sourcing and logistics,
Positive impact from synergy
creation and revenue growth
estimated to come through from
2021.
MEALS
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