Oceanpath purchase in Ireland and owner of Icelandic Iberica and Ecomsa in Spain contributed to ISI better results.

ISI increases profits aided by its two recent acquisitions

Iceland Seafood International (ISI) announced that its financial results achieved this year will be higher than expected thanks to a stronger performance and to higher profits obtained within the value added division.

Outlook for 2018 pre and post transaction: ►

• Full year Normalised PBT, including 3 months of Solo estimated at EUR 6.1-6.6m, compared to EUR 5.2-5.6m pre transaction,

• Proforma full year, including Oceanpath and Solo estimated at EUR 9.6m-10.6m, compared to EUR 5.5-6.0m pre Solo transaction,

ISI attributes these better results to the incorporation of Oceanpath in Ireland from mid-March 2018 and of Icelandic Iberica in Spain from mid-September 2018 combined with strong underlying organic growth.

The group updated its forecast for the proforma normalised PBT for 2018 at EUR 10.4 million - EUR 10.9 million, compared to August estimate of EUR 9.6 million - EUR 10.6 million.

ISI has not on finalised its audited results, since December is a key trading period for the group.

Furthermore, the company has announced that the Board of directors have formally agreed to apply for a listing on Iceland’s Nasdaq Main Market during the course of 2019. This approval is subject to the usual terms and conditions and market acceptance.

 

The company will appoint its advisors for the listing in due course.

Related article:

- Iceland Seafood International adquiere Solo Seafood
 

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Address:	Kollunarklettsvegur 2
City:	Reykjavík
State/ZIP:	(104)
Country:	Iceland
Phone:	+354 550 8000
Fax:	+354 550 8001
E-Mail:	[email protected]
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