ISI Seafood Q1 2023 Investor Presentation
ISI
Q1 2023
ICELAND
SEAFOOD
Presentation to Investors
and Analysts
Results in Ireland were severely impacted.
by a steep increases in salmon prices
> VA S-Europe
> VA N-Europe
> Sales & Distribution
Q1 22
€ m's
Q1 23
Sales
13.1
12.6
Net margin
1.2
0.9
Normalised EBITDA
0.1
(0.1)
Normalised PBT*
(0.2)
(0.4)
*Normalised PBT represents Profits before tax before allowing for significant items.
Sales were slightly up on Q1
22 in value terms but lower
in volume
Steep price increases overall have
negatively impacted sales volumes
of the Irish operation,
Overall Grocery inflation in Ireland of •
c.a. 15%. Price increases offset
lower volumes' impact, leading to
slight growth in sales in Euro terms.
Results in Q1 were slightly
better than the same
period last year.
•
.
Price of salmon seems to have topped.
in March 2023, whilst it reached the
top at the beginning of May 2022,
The steep price increases have caused
similar challenges as in the same
period last year. It takes time to push
cost increases through to customers.
Whitefish sourcing improved in Q1
compared to the back end of last year.
Availability was better, and prices have
stabilised,
Loss before tax in the period of €0.2m
was €0.2m better than the same time
last year,
Outlook for the remainder of the year
is better, as salmon prices are
expected to come down and stabilise.
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