UK frozen food manufacturer Iglo Group has booked an increase in first-half profits but warned it expects markets in the second half of the year to remain “challenging”.

EBITDA in the six-month period climbed 12.8% to GBP180.3m (US$283.4m), the company reported today (20 August). CEO Martin Glenn said a focus on operational execution drove EBITDA growth despite a “challenging” retail environment.

Iglo’s underlying sales growth was broadly flat on a like-for-like basis but positive currency movements and a greater number of trading days boosted net sales by 3.5%.

Glenn sounded a cautious note on the outlook and said the company expects markets to remain “challenging” in the second half of the year. However he added that Iglo remains “on-track” to deliver “full-year core category sales growth”.

Iglo has been under the spotlight in recent months after private-equity owner Permira asked Credit Suisse to prepare a sales and marketing document in preparation for a potential sale of the firm in March. A number of bids were made but subsequently rejected and in June Permira said it would look at “other options” for the company, including refinancing debt.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData