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14.09.2017

Icelandic Seachill - Business Review and Results

Profit and loss account

for year ended 31 December 2016

 

Note

2016

2015

 

£000

£000

 

Turnover

2

266,317

248,413

Cost of sales

(232,429)

(214,881)

 

Gross profit

33,888

33,532

 

 

Administrative expenses

(31,463)

(29,627)

 

Operating profit/(loss)

2,425

3,905

 

 

Gain on disposal of assets

22

58

 

 

Interest payable and similar charges

6

(970)

(1,101)

 

Profit on ordinary activities before taxation

1,477

2,862

 

 

Tax on profit on ordinary activities

7

(440)

(598)

 

Profit for the financial year

1,037

2,264

 


Balance Sheet

at 31 December 2016

 

 

Note

2016

2015

 

£000

£000

 

 

 

 

Fixed assets

 

 

Intangible assets

 

 

Goodwill

8

33,786

33,786

 

Other intangibles

8

60

323

 

 

 

 

 

 

33,846

 

34,109

Tangible assets

9

20,786

 

20,814

Investments

10

12,889

 

12,889

 

 

 

 

Current assets

 

 

Stocks

11

24,077

24,087

 

Debtors

12

13,910

22,561

 

Cash at bank and in hand

8,771

6,832

 

 

 

 

 

46,758

53,480

 

Creditors: amounts falling due within one year

13

(53,048)

(50,252)

 

 

 

 

Net current (liabilities) / assets

(6,290)

 

3,228

 

 

 

 

Total assets less current liabilities

61,231

 

71,040

 

 

 

Creditors: amounts falling due after more than one year

14

(10,000)

 

(22,422)

 

Provisions for liabilities

 

 

Deferred tax liability

16

(171)

(277)

 

Pension Liability

17

(336)

(281)

 

Provision for Exceptional Costs

17

(1,627)

-

 

 

 

 

 

 

 

 

(12,134)

 

(22,980)

 

 

 

 

Net assets

49,097

 

48,060

 

 

 

 

Capital and reserves

 

 

Called up share capital

18

25,012

 

25,012

Profit and loss account

24,085

 

23,048

 

 

Shareholders’ funds

49,097

 

48,060

 

 

 

 

 

Icelandic Seachill - Strong trading results and forecast

14.09.2017 22:27
Trading during 2016 was overall very strong and sales at £266.3m were up 7% on the previous year. The headwinds of extreme raw material inflation ...
More

Icelandic Seachill - Business Review and Results

14.09.2017 22:07
Trading during 2016 was overall very strong and sales at £266.3m were up 7% on the previous year. The headwinds of extreme raw material inflation ...
More

LIVE ICELANDIC - VIDEO

08.05.2017 12:20
For centuries Icelandic fishermen have worked with dedication, each generation passing on their knowledge and techniques to the next.
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LIVE ICELANDIC DIGITAL MAGAZINE #1 IS OUT!

05.05.2017 15:17
We proudly present to you the first issue of LIVE ICELANDIC MAGAZINE.
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ICELANDIC GROUP INITIATES SALES PROCESS OF SEACHILL

21.04.2017 09:52
The Board of Icelandic Group has decided to initiate a sale process for its UK operations, Seachill. Seachill is a leading supplier of chilled fi...
More

Icelandic Seachill - Strong trading results and forecast

14.09.2017 22:27
Trading during 2016 was overall very strong and sales at £266.3m were up 7% on the previous year. The headwinds of extreme raw material inflation ...
More

Icelandic Seachill - Business Review and Results

14.09.2017 22:07
Trading during 2016 was overall very strong and sales at £266.3m were up 7% on the previous year. The headwinds of extreme raw material inflation ...
More

LIVE ICELANDIC - VIDEO

08.05.2017 12:20
For centuries Icelandic fishermen have worked with dedication, each generation passing on their knowledge and techniques to the next.
More

LIVE ICELANDIC DIGITAL MAGAZINE #1 IS OUT!

05.05.2017 15:17
We proudly present to you the first issue of LIVE ICELANDIC MAGAZINE.
More

ICELANDIC GROUP INITIATES SALES PROCESS OF SEACHILL

21.04.2017 09:52
The Board of Icelandic Group has decided to initiate a sale process for its UK operations, Seachill. Seachill is a leading supplier of chilled fi...
More

14.09.2017

Icelandic Seachill - Business Review and Results

Profit and loss account

for year ended 31 December 2016

 

Note

2016

2015

 

£000

£000

 

Turnover

2

266,317

248,413

Cost of sales

(232,429)

(214,881)

 

Gross profit

33,888

33,532

 

 

Administrative expenses

(31,463)

(29,627)

 

Operating profit/(loss)

2,425

3,905

 

 

Gain on disposal of assets

22

58

 

 

Interest payable and similar charges

6

(970)

(1,101)

 

Profit on ordinary activities before taxation

1,477

2,862

 

 

Tax on profit on ordinary activities

7

(440)

(598)

 

Profit for the financial year

1,037

2,264

 


Balance Sheet

at 31 December 2016

 

 

Note

2016

2015

 

£000

£000

 

 

 

 

Fixed assets

 

 

Intangible assets

 

 

Goodwill

8

33,786

33,786

 

Other intangibles

8

60

323

 

 

 

 

 

 

33,846

 

34,109

Tangible assets

9

20,786

 

20,814

Investments

10

12,889

 

12,889

 

 

 

 

Current assets

 

 

Stocks

11

24,077

24,087

 

Debtors

12

13,910

22,561

 

Cash at bank and in hand

8,771

6,832

 

 

 

 

 

46,758

53,480

 

Creditors: amounts falling due within one year

13

(53,048)

(50,252)

 

 

 

 

Net current (liabilities) / assets

(6,290)

 

3,228

 

 

 

 

Total assets less current liabilities

61,231

 

71,040

 

 

 

Creditors: amounts falling due after more than one year

14

(10,000)

 

(22,422)

 

Provisions for liabilities

 

 

Deferred tax liability

16

(171)

(277)

 

Pension Liability

17

(336)

(281)

 

Provision for Exceptional Costs

17

(1,627)

-

 

 

 

 

 

 

 

 

(12,134)

 

(22,980)

 

 

 

 

Net assets

49,097

 

48,060

 

 

 

 

Capital and reserves

 

 

Called up share capital

18

25,012

 

25,012

Profit and loss account

24,085

 

23,048

 

 

Shareholders’ funds

49,097

 

48,060

 

 

 

 

 

14.09.2017

Icelandic Seachill - Strong trading results and forecast

Trading during 2016 was overall very strong and sales at £266.3m were up 7% on the previous year. The headwinds of extreme raw material inflation and currency uncertainty, following the referendum result, were navigated successfully.
More ...

14.09.2017

Icelandic Seachill - Business Review and Results

Trading during 2016 was overall very strong and sales at £266.3m were up 7% on the previous year. The headwinds of extreme raw material inflation and currency uncertainty, following the referendum result, were navigated successfully. During the year a long term agreement was signed with the largest customer, the business was refinanced on more favourable terms, new customers were secured and the business restructured its cost base making significant savings. The ending of the long term relationship with Marks and Spencer was executed in a controlled manner. Before one-off restructuring costs (of £3.1m) the business showed solid operating profit growth, up £1.6m (+41%) to £5.5m. In January 2016 the business commenced a new customer contract on “wetfish” under a multi year agreement allowing the business to have a very strong beginning to the year. In April 2016 a new fishcake contract began with the largest customer, following a significant capital investment in class leading technology. The sales grew throughout the year and that growth is anticipated to continue during 2017. In May 2016 the business was unable to reach an agreemnt with Marks and Spencer and a managed exit was executed starting in September 2016 and the final production runs taking place in November 2016. The business executed a restructure program where manufacturing capacity was reorganised which includes the exit of one of the manufacturing plants. In August 2016 a long term agreement was signed with the largest customer providing security for a large proportion of the busines. This was followed by a business win for another new customer where supply commenced in September and the range has continued to grow since then. Late in 2016, listings were secured for branded products (under both “The Saucy Fish Co.” and “Seachill” brands) where supply commenced in January 2017. Additionally, export listings have been gained, particularly in USA and Canada where “The Saucy Fish Co.” is now firmly established. Throughout the second half of the year raw material costs increased significantly driven by both structural supply challenges and the devaluation of sterling versus US dollars, Norwegian Kroner and Euro. The vast majority of the inflation was recovered in a timely manner in 2016 and the remainder will be completed during Q1 of 2017.
More ...

08.05.2017

LIVE ICELANDIC - VIDEO

For centuries Icelandic fishermen have worked with dedication, each generation passing on their knowledge and techniques to the next.
More ...

05.05.2017

LIVE ICELANDIC DIGITAL MAGAZINE #1 IS OUT!

We proudly present to you the first issue of LIVE ICELANDIC MAGAZINE.
More ...

21.04.2017

ICELANDIC GROUP INITIATES SALES PROCESS OF SEACHILL

The Board of Icelandic Group has decided to initiate a sale process for its UK operations, Seachill. Seachill is a leading supplier of chilled fish to the UK retail market. The company has a strong position in its category, offering a total solution to its customers.
More ...

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