Walker hails strong results at Iceland
MALCOLM Walker has declared growth in sales and earnings at the Iceland food chain a year after regaining control of the group.
He also plans to open a further 40 shops this year, creating 2,000 jobs.
In a statement the Deeside-based company said sales were up 1% to £2.64bn in the year to March 29, while earnings before interest, tax, depreciation, amortisation (EBITDA) and exceptionals grew by 0.6% to £226.3m.
A consortium led by Mr Walker – the company’s founder – agreed a £1.45bn deal last March to buy the business from liquidators of its former backers, Landsbanki and Glitnir.
Mr Walker, the group’s chairman and chief executive, said: “I am pleased to report the first results for Iceland under its new ownership following our management buyout in March 2012, supported by three new long term external investors.
“During a very busy year for the group we have not only delivered strong results but also strengthened our focus through the sale of the Cooltrader business, taken an important step towards vertical integration with the acquisition of our own ready meal manufacturing facility, and laid the foundations for further growth of the Iceland brand internationally.”
During the period the group opened 36 new stores and closed three, taking the total to 790. It employs 25,000 people, up 1,250.
The figures, for the new holding company Oswestry Topco Ltd, also show that it bought Manchester-based supplier Loxton Foods in June 2012 and renamed it Iceland Manufacturing in April. It also sold 54 Cooltrader stores to Heron Foods Ltd in September.
