Iceland Ireland reduces pre-tax losses by 27%

Ron Metcalfe, Iceland MD, said the 2c increase to farmers is a social responsibility
Ron Metcalfe, Iceland MD

New accounts show revenues increased by 9% from €60.5m to €66m

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24 August 2021 | 0

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Iceland Ireland has benefitted from a return to home cooking during Covid-19 lockdowns with revenues increasing by 9% from €60.5m to €66m.

New accounts filed for the 12 months to the end of 26 March this year, show the company reduced pre-tax losses by 27% from €4.47m to €3.25m.

The retailer currently operates 27 stores here. However, the Irish Independent reports the company has paused expansion here for the current time, as a result of Brexit.

Discussing ‘future developments’, the directors said they want to embed the changes required post-Brexit over the next 12 months before looking to expand the business further.

Due to the unprecedented challenges posed by the Covid-19 pandemic, directors described the year under review as a challenging one. However, as a result of its supply chain successfully rising to the huge challenge, circumstances created “a surge in demand unprecedented outside the well-planned Christmas peak”.

The directors added that the business incurred substantial Covid-related costs and the business’s exceptional cost of sales last year totalled €455,000.

The company’s adjusted earnings before interest, tax, depreciation and amortisation last year totalled €922,000 compared to a deficit of €1.2m in the prior year – an encouraging upswing of €2.1m

The group’s number of employees remained the same as last year, at 438, as staff costs increased from €7.63m to €7.84m. Non cash depreciation costs amounted to €3.72m.

 

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