Brief: Iceland Seafood Sees 2020 Normalised Profit Before Tax In Range Of EUR 3.8-5.0 Mln

Iceland Seafood Internat hf

14/12/2020 07:57

Dec 14 (Reuters) - Iceland Seafood International hf
 ICESEA.IC :
    * SAID ON FRIDAY GROUP NORMALISED PROFIT BEFORE TAX FOR 2020
EXPECTED TO BE IN THE RANGE FROM EUR 3.8 TO 5.0 MLN
    * RETAIL DEMAND IS EXPECTED TO REMAIN STRONG BOTH IN UK AND
IRELAND 
    * OUTLOOK FOR IRELAND IS THEREFORE STRONG FOR DECEMBER
SUPPORTED
BY REASONABLY LOW RAW MATERIAL PRICES.  
    * RESTRICTIONS THAT WERE PUT IN PLACE IN KEY MARKETS DURING
OCTOBER TO CONTROL THE COVID19 OUTBREAK SEVERALLY IMPACTED
SALES, ESPECIALLY IN S-EUROPE
    * AFTER SOME EASING OF RESTRICTIONS LATE NOVEMBER SALES HAVE
PICKED UP TO SOME LEVEL BUT UNCERTAINTY REMAINS HIGH FOR THE
COMING WEEKS.
    * PRICES HAVE REMAINED RELATIVELY STABLE DURING Q4, WHICH
HAS
HELPED MARGINS
    * THE GROUP ESTIMATE THE TOTAL IMPACT OF COVID-19 ON PROFIT
BEFORE
TAX TO BE IN THE RANGE OF €10-12M
    * LOWER SALES TO CUSTOMERS WITHIN THESE SECTORS EXPLAIN
LARGEST
PART OF THE OVERALL IMPACT
    * PRICE DEVELOPMENTS HAVE IMPACTED MARGINS NEGATIVELY AND
THE COST
OF HIGHER INVENTORY LEVELS, DISRUPTION IN SUPPLY CHAINS AND
VARIOUS CONTINGENCY PLANS HAVE ALSO HAD NEGATIVE IMPACT

    
    
 Source text for Eikon:  urn:newsml:reuters.com:*:nGNE91HvTT
    
 Further company coverage:  ICESEA.IC  
   


 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00))