13 December 2018

Increased 2018 Financial Outlook and Board Approval for 2019 Main Market listing

Further to its two recent acquisitions combined with strong underlying organic growth Iceland Seafood International (ISI) is pleased to positively update its estimate for the year ending 2018 as a result of stronger than budgeted performance and higher than expected profits within the value added division which includes the incorporation of Oceanpath in Ireland from mid March 2018 and Icelandic Ibérica in Spain from mid September 2018.

The group is therefore raising its 2018 financial outturn levels as follows :

Proforma normalised PBT for 2018 of €10.4m - €10.9m, compared to August estimate of €9.6m - €10.6m.

Normalised PBT for 2018 is anticipated to be €6.8m - €7.3m, compared to August estimate of €6.1m - €6.6m, up c.a. 11%.    

These estimates are based upon latest group trading numbers and not on finalised audited results.  December is a key trading period for the group.

Further the company would like to announce that the Board of directors have formally agreed to apply for a listing on Iceland’s Nasdaq Main Market during the course of 2019. This approval is subject to the usual terms and conditions and market acceptance. The company will appoint its advisors for the listing in due course.

Disclaimer

This announcement is furnished and intended for European market participants and should be viewed in that manner.  

Any potential forward looking statements contained in this announcement are reflective of management’s current views on future events and performance, whilst the views are based on positions that management believes are reasonable there is no assurances that these events and views will be achieved. Forward looking views naturally involve uncertainties and risk and consequently actual results may differ to the statements or views expressed.

For more information:

Iceland Seafood International hf. (ICESEA)                                                 +354 550 8000

Helgi Anton Eiríksson, Chief Executive Officer

Bjarni Ármannsson, Chairman of the Board

http://www.icelandseafood.com/Investors

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