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THE Icelandic Group, one of the world's largest seafood groups and with substantial production operations in the UK, has just announced some spectacular first half results.
Profits between January and June this year are well up. Pre-tax profits soared by 135 per cent to 13 million euros (£10.8 million) and the operating profit is up by 20 per cent to 25.9 million euros (£21.6 million). And all this on a turnover of 510-million euros (£425 million).
The group has also managed to successfully refinance its debts with international, which had become a real problem a couple of years ago.
The Reykjavik based Icelandic Group has 40 seafood operations in 14 countries including the United States, France and in Britain and at Grimsby with two companies, Coldwater Seafoods, which makes fish ready meals and other products for major retailers, with Marks & Spencer its biggest customer and Seachill which supplies fresh fish to the likes of Tesco.
In fact Coldwater managing director Anita Barker told the Humber Seafood Summit last month that the business was now well back in profit and growing thanks to innovation and new investment.
Icelandic group chief executive Finni Baldvinnson said: "Which CEO wouldn’t be exultant with a 135 per cent increase in profitability during the first six months, after delivering in 2009 the best operating year in the company’s history?
"But this success is not the work of one man. This reversal of fortunes is an achievement of all Icelandic Group employees. Refinancing of debt continues to be one of the main challenges of any management team in the current economic climate. Icelandic Group has made significant steps this year in refinancing of the company's debt. 65 million euros have been refinanced with cooperation of several European and U.S. banks. This should be duly noted, since faith in the Icelandic economy was badly damaged in the economic collapse of 2008. Iceland’s image abroad is still struggling. Nonetheless, agreements like the ones we have managed to secure increase our optimism for the future. "
Mr Baldvinsson said the company was having considerable success with a new product range called the Saucy Fish Company and which is based in Grimsby which had already won two top awards. The products include fish like smoked haddock and salmon in foil bake bags accompanied by various sauces.
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