April 23, 2008

Icelandic Group reports 6-percent drop in sales in 2007
 

Icelandic Group announced that sales in 2007 fell by 5.9 percent to EUR 1.4 billion (US$2.2 billion), and it had dropped by 8.5 percent in the fourth quarter.

The Group suffered operating losses of EUR 2.1 million (US$3.3 million) for the year and EUR 14.8 million (US$23.6 million) in the fourth quarter. The Group's EBITDA piled up to EUR 28.3 million (US$45.1 million) in the year and EU 1.4 million (US$2.2 million) in the fourth quarter.

The Group's restructuring has been delayed and it is now apparent that the originally targeted objectives were unrealistic, said Finnbogi Baldvinsson, chief executive of Icelandic Group.

As a result, Icelandic Group had decided in its annual meeting to delist from the Nasdaq OMX Nordic Exchange as they perceives little advantage in remaining a public company and there has been little activity in the floatation of shares.

There were almost a dozen Icelandic fishing companies on the Nasdaq OMX Nordic Exchange a few years ago, but now there are only two left - Alfesca and trawling company HB Grandi.