Iceland celebrates growth in sales and profits
Iceland Foods has reported a healthy increase in its sales and profits in its annual results today.
In the 53 weeks to the end of March 2012, the group’s sales grew by 9.4% to £2.6 billion while net profit increased by 18.5% to £184.3 million. Like-for like-sales were up 6% and EBITDA rose by 22.5% to £230.2 million.
Earlier this year Iceland’s chief executive, Malcolm Walker, led a £1.55 billion management buy-out of the business.
Walker, who founded the group in 1970, said: "It is fantastic to be able to report the seventh consecutive set of record results since I returned to the business in 2005.
"I am particularly pleased that we have achieved this exceptional performance not by chasing short-term profit targets, but by resolutely doing the right things for our staff and customers for the longer term.
"We delivered strong like-for-like sales growth of 6% in a highly competitive market place, increasingly dominated by short-term promotional activity by the major multiples."
Walker added: "Our strategic priorities remain unchanged. The key benchmarks for Iceland will not be short term performance but satisfying our customers by continuing to offer great value, maintaining the quality of our products, keeping up the pace of innovation and providing great service by well rewarded and highly motivated colleagues.
"We will also make our products available to more customers through continued expansion of our store network in the UK and by exploring opportunities for further development of our offer overseas, with the support of our new investors."
Iceland also opened 18 new stores in the year, creating 1,000 jobs. The group now operates a total of 814 stores.
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