Icelandic Group reports financial upturn in 2009

The Icelandic Group, which owns two large UK seafood companies, has just unveiled an impressive financial transformation - turning heavy losses of EUR159 million in 2008 into a profit of just over EUR6 million last year.

Iceland, which is the sixth largest seafood company in the world, operates Grimsby-based Coldwater Seafoods and Seachill, both suppliers to major supermarket retailers such as Tesco and Marks & Spencer.

The group has also managed to pay down a large chunk of its debt which had been threatening its recovery.

The group's CEO Finnbogi Baldvinsson said the outlook for this year is positive as reform and restructure will continue. With EUR1 billion in turnover, coupled with an extensive sales network and positive cash flow, Icelandic Group has brought its house in order and is well-situated to face increasing competition in the international food industry.

Icelandic Group revenues stem from mainland Europe (40%), British Isles (28%), North America (18%), and Asia (14%).

Domestic operations of Icelandic Group also increased last year and a significant share of Icelandic seafood exports goes through the Icelandic Group sales network. The number of operating locations abroad has been reduced and subsidiary companies are now 30 in 14 countries.