Iceland Seafood International hf: Q1 results of Iceland Seafood International were negatively impacted by input price increases in all areas during the period

April 25 2022: Draft Q1 2022 figures for Iceland Seafood International indicate a breakeven result at Normalised PBT level in the period. Significant rapid price increases in all areas impacted the results, especially in the Value Added N-Europe division. In that division the business is more reliant on sales to retail customers than to foodservice. It takes longer to pass on price increases to customers within the retail sector than to foodservice customers. Since the Covid19 outbreak in 2020, the Group has focused on improving its sales balance between retail and foodservice customers, as part of that strategy investments have been made during the last two years to increase the Group’s retail presence in both UK and Ireland. The results in Ireland were especially affected by increased salmon prices in the period which comes on top of challenging sourcing of whitefish. In UK the business was still loss making in the period where price increases of all input factors significantly impacted the results. Challenges in the production operation in UK continued in the period, impacted by the Omicron Covid19 outbreak and disruptive supply chain.