Reference is made to the Q2, 2022 announcement where Iceland Seafood International (ISI) announced it would review its UK strategy. On November 17th, Iceland Seafood announced its intention to exit the UK market from a value-added perspective. During December 2022, two LOI’s were signed with prospective buyers to sell the business, but neither negotiation turned out to be successful. After careful considerations the board of Iceland Seafood has decided to put the sale process on hold and continue to operate the UK subsidiary.
In an industry where consolidation is needed, Iceland Seafood made it public late last year it was interested in selling the UK business. It is however the conclusion of the board of Directors that the proposals received didn’t reflect the value of the company, as external conditions for the industry have been challenging.
Recently, Iceland Seafood UK (IS UK) has made significant progress with its strategic partners recovering unprecedented inflationary cost and adding a significant new business. Therefore, the company foresees better results, driven by the above, in addition to returns on investments in equipment, that will increase its ability to grow and reduce unit costs. Markets are stabilising, after the high volatility and constant upward cost pressure experienced throughout last year, which severely impacted the results of IS UK in 2022.
IS UK will continue to cooperate closely with its loyal customers and suppliers.
Iceland Seafood will review its strategy on an ongoing basis and remains interested to support further consolidation of the UK business at the right time and terms.
Full Year 2022 results and Investors meeting
Iceland Seafood will publish its Consolidated Financial Statement for the year ending 31 December 2022 after closing of markets on February 22nd 2023. The same day at 4.15pm, the company will host a meeting for investors and market participants, where management will present and discuss the results. The meeting will be held at the company‘s premises at Köllunarklettsvegur 2, 104 Reykjavík. The meeting will also be webcasted live in Icelandic, a link to the webcast and investor presentation will be provided before the meeting commence. Participants to the online meeting can send questions in writing prior and during the meeting to the email investors@icelandseafood.com.
For more information:
Iceland Seafood International hf.
http://www.icelandseafood.com/Investors
Bjarni Ármannsson, bjarni.armannsson@icelandseafood.com
