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Iceland reports record results


Frozen food & grocery retailer Iceland has today announced a 9.4 per cent in total sales to £2.614 billion for its full financial year.

Iceland Foods Group Limited, the holding company for the Iceland Foods and Cooltrader chains, also revealed an EBITDA rise of 22.5 per cent for the 53 weeks to March 30th 2012, standing at £230.2 million for the period.

Like-for-like sales rose 6 per cent, highlighting consumer desire for value for money while avoiding waste often created by fresh produce purchases.

Iceland Chairman & CEO Malcolm Walker said he was pleased that the retailer had achieved such strong results within an increasingly competitive market.

“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,” he added.

“We achieved this by consistently offering our customers great everyday value in frozen foods and for their daily purchases of grocery and chilled foods, underlined by our round sum pricing policy.”

This is the seventh consecutive year that Iceland has posted record results since Walker’s return to the company in 2005.

Earlier this week, the frozen food specialist scooped six awards at the British Frozen Food ceremony, including awards for Best New Savouries and Savoury Bread and the New Dessert category.

In March of this year, the company completed a £1.55 billion management buyout with the support of co-investors including The Landmark Group and Walker pointed out that the retailer’s forward strategy remains 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,” Walker explained.

“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.”

Published on Friday 22 June by Editorial Assistant

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