The unveiling of frozen food giant Iceland#;s interim results will be overshadowed on Thursday by analysts waiting to hear further information on how the firm plans to rejuvenate its food retailing and wholesaling business Booker, and just how it will pay for the strategy.

According to market watchers, Iceland is preparing to post pre-tax profits worth about £15m (US$21.18m), but many analysts are more interested in hearing Iceland explain how it will pay for the capital expenditure and promotional spending which it has already admitted is crucial to a full blown recovery. By the year end this March, the company#;s balance sheet was burdened with more than £500m debt.

An analyst told the Financial Times: “If they don’t announce how they are going to pay for it, then the strategy will be unconvincing. Frankly it#;s hanging over the shares.”