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.
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