15 March 2020

Increased uncertainty due to COVID-19

The outbreak of COVID-19 and recent actions in Europe and the United States to control the outbreak will impact sales and profitability of Iceland Seafood International (“Iceland Seafood”) in the coming weeks and months.  The financial implications are uncertain and will depend on the development and timeframe of restrictions that have been set.  The most notable impacts at this stage are on sales to the HORECA and foodservice sectors, especially in Southern Europe, whilst retail sales are expected to remain strong.  

Iceland Seafood is financially strong and its operation are built on solid grounds, which enables the company to manage the situation. The Group’s diversity in sourcing and sales - and strong position within the retail sector, especially in UK and Ireland, will help mitigating the financial impact of the outbreak.  The profitability of Iceland Seafood was in line with expectations in the first two months of the year.  At this stage it is uncertain how much sales and profits for the year will be impacted by the situation.  The short term impact is going to be negative, but as of now it is difficult to predict the mid and long term development – whether this is a shift in demand between periods or it has a more severe longer term impact.  Iceland seafood will communicate further on the matter as less ambiguity will be on the development of Covid-19 and it’s implications for the company. 

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