ISI Seafood Q1 2023 Investor Presentation
ISI
ICELAND
SEAFOOD
Q1 2023
Presentation to Investors
and Analysts
€ m's
Group results show a normalised PBT of
€1.0m. Bottom line results impacted by
€2.5m loss from discontinued operation
Q1 23
Q1 22
Sales
123.1
99.9
Net margin
9.8
10.4
Normalised EBITDA
2.9
3.9
Normalised PBT*
1.0
2.6
Net Loss
(2.2)
(0.8)
*Normalised PBT represents Profits before tax before allowing for significant items and
discontinued operations.
**Ahumados Dominguez in the figures from Q4 21
Group sales in Q1 23 of
€123.1m, up 23% on Q1 22
.
March was a record sales month for
both IS Iberica and IS Iceland, after
slower sales at the beginning of the
year,
Strong sales of Argentinean shrimp
and cod products in Spain in the
weeks before Easter in Spain,
Sales of IS UK (discontinued
operation) were in line with budget
in the period,
Normalised PBT of €1.0m was
down €1.6m from Q1 22
.
•
Reduction in net margin despite sales
growth. Cost increases and challenging.
market conditions are putting pressure
on margins,
Operating costs are €0.4m higher than
Q1 22, driven by overall inflationary cost
increases,
• Interest costs are €0.6m higher than Q1
22, but due to positive movement in FX,
the overall finance cost of €0.9m is
€0.3m up on same period last year,
Loss from discontinued operation in Q1
23 of €2.5m was in line with
budget. Revised management forecast
expecting a delay in the turnaround of IS
UK, as demand has decreased following
recent retail sales price increases.
Positive EBIT level expected from Q4 23,
• Normalised PBT of €1.0m is down €1.6m
from same time last year.
• After taking into account income tax
expenses and loss from discontinued
operation, net loss in the period amounts.
to €2.2m, compared to €0.8m loss in Q1
22
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