Investor Presentaiton
ISI
ICELAND
SEAFOOD
Q3 2023
Presentation to Investors
and Analysts
Profitability of the Irish operation has
recovered after difficult start of the year
> VA S-Europe
> VA N-Europe
> Sales & Distribution
€ m's
Q3 23
Q3 22
9M 23
9M 22
Sales
12.6
12.1
39.0
37.8
Net margin
2.5
1.9
5.3
3.1
Normalised EBITDA
1.3
0.8
1.8
(0.2)
Normalised PBT*
0.9
0.5
0.9
(1.0)
•
*Normalised PBT represents Profits before tax before allowing for significant items.
7
Sales were slightly up on 9M
22 in value terms but lower
in volume
•
The same applied to sales in Q3,
which were 4% up in value terms
but c.a. 14% down in volume,
Steep price increases overall have
negatively impacted sales volumes
of the Irish operation,
Results in Q3 improved
from the same period last
year
•
Overall Grocery inflation in Ireland of⚫
c.a. 11%. Consumers are buying less,
but price increases offset lower
volumes impact.
Price of salmon was stable in Q3,
although at higher level than last year,
Whitefish sourcing during the summer
was challenging in all areas. Catches
of the Irish fleet have reduced
significantly post Brexit,
Normalised PBT in Q3 of €0.9m was
€0.4m better than the same time last
year. 9M Normalised PBT of €0.9m.
was €1.9m up on prior year,
Production for Christmas is on track
and pre-orders from customers are
strong.View entire presentation