Icelandic Group, the seafood processor, has posted a fall in annual profits, hit by operating costs and a higher tax bill.
The company posted net profit of EUR6.1m (US$8.6m) for 2010, down from EUR6.2m in 2009, it reported yesterday (31 March).
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Icelandic, which supplies the likes of Tesco and Marks and Spencer, booked operating profit of EUR25.6m for 2010 – against EUR28.1m a year earlier.
The company’s top line improved, with sales inching up from EUR997.5m in 2009 to EUR999.6m in 2010.
Last month, Icelandic appointed financial advisors to review the “strategic alternatives” for the business – including possible disposals.
The announcement came amid some uncertainty about the direction of the business. Talks between FSI, the consortium of pension funds that owns Icelandic, and private-equity fund Triton over a possible sale of the seafood firm’s productions operations collapsed earlier this year.
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By GlobalDataThe consortium opted to put Icelandic’s US and Chinese operations on the block – but keep hold of its European businesses.
Canada’s High Liner Foods has expressed interest in the Icelandic assets that are up for sale.
