GlobeNewswire by notified

Iceland Seafood International hf: Positive signs in Q1 2024 after a difficult and unpredictable 2023

  • Normalised profit before tax for 1Q 2024: €1.9m, compared with €1.0m for 1Q 2023
  • Sales for 1Q 2024: €113.8m, down 8% from 1Q 2023
  • Net margin for 1Q 2024: €10.5m, up from €9.8m from 1Q 2023
  • Net profit for 1Q 2024: €0.1m compared with €2.2m loss for 1Q 2023
  • Basic earnings per share (EPS) for 1Q 2024 €0.0025 cents per thousand shares compared to negative €0.0819 cents per thousand shares for 1Q 2023
  • Total assets of €272.4m at the end of March 2024 were €17.6m higher than at the beginning of the year. Equity ratio of 26.8% at the end of 1Q 2024,
  • Normalised PBT Outlook range for 2024 is €5.0m – €7.0m

Group sales of €113.8m in the first quarter were down 8% on the same period last year. Normalised profit before tax of €1.9m in the quarter was €0.9m up on 1Q 2023, a positive sign at the beginning of the year.

Sales of the VA S-Europe division were €55.8m in the period, a decrease of 16% from last year. Normalised PBT for the Division is €2.1m, up €1.1m from 1Q 2023. Easter came in earlier this year, affecting sales in the month of March compared to a record sale in March of 2023 with easter in the beginning of April. Production volume of Argentinean shrimp was lower than expected due to strikes in Argentina during the quarter, while Ahumados Dominquez showed a 10% growth rate in sales compared to 1Q 2023.

The VA N-Europe division sales were €13.0m, on par with 1Q 2023 €13.1m sales. Higher than-expected salmon prices impacted sales volume in the quarter. These increases in salmon prices caused similar challenges as in the same period last year, as it takes time to push cost increases through to customers. Loss before tax in the period was €0.1m compared to a loss before tax of €0.2m at the same time last year. Based on current forward prices, salmon peaked in April this year and will remain high during the month of May, with prices expected to come down in June and remain stable throughout the rest of the year.

The S&D division had a good start to the year and was in line with 1Q 2023, with sales and profitability on par with the previous year. Good pelagic products and FAS sales drove strong IS Iceland sales at the beginning of the year despite the absence of the Capelin season.  

Based on 1Q results and current trading, the Normalised PBT Outlook range for 2024 is maintained at €5.0m-7.0m. The outlook for our main species is that Cod prices will remain high until fall, while Salmon prices will come down in 2Q and remain stable throughout the year.    There are signs indicating a more balanced external environment.   We expect all divisions to perform according to budget and do not foresee huge changes in the Seafood sector in the coming months.

Ægir Páll Friðbertsson, CEO

Ægir Páll Friðbertsson, CEO: "The first quarter of 2024 is more in line with what we have previously seen as normal conditions in the white fish markets. The start of the year in white fish gives a positive sign for the rest of the year. However, salmon prices were higher in the first quarter than forecasts had assumed, and therefore, there was a loss in salmon activity as it was in 1Q the two previous years. If the forecasts for salmon prices are met, prices should decrease in the third quarter.

After a difficult 2023 due to the burden of our UK operation and challenging external environment, this is a welcome sign in markets for white fish, a step in the right direction we at Iceland Seafood will build on and keep in mind that economic forecasts indicate, the economic environment of the company's main trading countries is still and will remain uncertain.

Our focus in the short term has been to improve the operation of existing business units and the company's capital structure and review the company's strategy. We know we have great potential to grow and make more of our company network, solid sales and sourcing network, and a highly skilled team of seafood professionals. The objective is to strengthen Iceland Seafood further to meet its future challenges and opportunities, which I believe will benefit the company, owners, and staff.”

Electronic investor meeting

Today at 4.30 pm GMT, Iceland Seafood will host a meeting for investors and market participants, where management will present and discuss the 1Q 2024 results. The meeting will be held at the company’s premises at Köllunarklettsvegur 2, 104 Reykjavík. The meeting will also be webcast live in Icelandic on, and a recording will be available after the meeting on

Participants in the meeting can send questions in writing prior to and during the meeting to the email


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

Any potential forward-looking statements contained in this announcement reflect the management's current views on future events and performance; whilst those views are based on positions that management believes are reasonable, there is no assurance that the stated events and views will be realised. Forward-looking views naturally involve uncertainties and risks, and consequently, actual results may differ from the statements or views expressed.

For more information:

Iceland Seafood International hf.                                                  

Ægir Páll Friðbertsson,


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Hexagon Purus and Hino Trucks Introduce Tern: A Pioneering Electric Heavy-Duty Truck20.5.2024 07:00:00 CEST | Press release

Las Vegas, NV, May 20, 2024 – Today at the Advanced Clean Transportation (ACT) Expo, Hexagon Purus in partnership with Hino Trucks, proudly announces the launch of Tern, a dedicated zero-emission truck brand along with their inaugural vehicle model, the RC8, a groundbreaking battery electric Class 8 tractor tailored for the U.S. market. This innovative semi-tractor leverages Hexagon Purus' years of development of zero-emission drivetrains for heavy-duty trucks and represents a driver-preferred option for fleets that are electrifying practical routes. A product of the new long-term agreement between Hexagon Purus and Hino Trucks, valued at up to approximately $2 billion, Tern is designed to deliver a seamless transition to electrification for the U.S. commercial vehicle sector. Manufactured in Hexagon Purus' new facility in Dallas, Texas, the Tern RC8 is scheduled for serial production in late 2024. Built on Hino's proven XL Series 4x2 chassis and equipped with Hexagon Purus' cutting-ed

Udstedelse af RSU program18.5.2024 11:34:18 CEST | pressemeddelelse

I overensstemmelse med bemyndigelsen fra generalforsamlingen den 18. april 2024 har bestyrelsen i dag indført et incitamentsprogram for selskabets bestyrelse. Incitamentetprogrammet er designet og struktureret omkring konceptet med at fastholde medlemmer af bestyrelsen samtidig med at der skabes incitament til en positiv aktiekursudvikling og virksomhedens resultater til gavn for selskabets aktionærer. Incitamentsprogrammet inkluderer Restricted Share Units ("RSU'er"), som giver ret til at deltagerne tildeles et antal aktier svarende til antallet af optjente RSU'er mod betaling af udnyttelseskursen. Programmet er underlagt en række betingelser som deltagerne skal overholde og som betyder at selskabet maksimalt vil skulle udstede 2.025 aktier til kurs 1.056 DKK forudsat at alle betingelser overholdes samt at den enkelte vælger at udnytte sine RSUér. Den beregnede værdi af programmet til den samlede bestyrelse ved brug af Black & Scholes er opgjort til DKK 350.146. Vestingkursen er bereg

Constellation Brands Announces Updated Time of Presentation at the Bernstein 40th Annual Strategic Decisions Conference on Wednesday, May 29, 202418.5.2024 01:05:50 CEST | Press release

VICTOR, N.Y., May 17, 2024 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announces an updated time that Bill Newlands, President and Chief Executive Officer, and Garth Hankinson, Executive Vice President and Chief Financial Officer, will participate in a previously announced fireside chat at the Bernstein 40th Annual Strategic Decisions Conference on Wednesday, May 29, 2024 in New York, NY. The presentation is scheduled to begin at 4:30 p.m. EDT and is expected to cover the company’s strategic business initiatives, financial metrics, and operating performance, as well as outlook for the future. A live, listen-only webcast of the presentation will be available on the company’s investor relations website at under the News&Events section. When the presentation begins, financial information discussed in the presentation, and a reconciliation of reported GAAP financial measures with comparable and other non- GAAP financial mea

DBV Technologies Announces Plan to Implement ADS Ratio Change17.5.2024 22:30:00 CEST | Press release

Châtillon, France, May 17, 2024 DBV Technologies Announces Plan to Implement ADS Ratio Change DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT—CUSIP: 23306J101), a clinical-stage biopharmaceutical company focused on treatment options for food allergies and other immunologic conditions with significant unmet medical need, today announced plans to change the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares (the “ADS Ratio”), nominal value €0.10 (ten cents) per share, from the current ADS Ratio of one (1) ADS to one-half (1/2) of one (1) ordinary share to a new ADS Ratio of one (1) ADS to one (1) ordinary share (the “ADS Ratio Change”). The Company anticipates that the ADS Ratio Change will be effective on or about June 3rd, 2024 (the “Effective Date”). For the Company’s ADS holders, the change in the ADS Ratio will have the same effect as a one-for-two reverse ADS split and is intended to enable the Company to regain compliance with

Oculis updates share capital for its existing at-the-market offering program17.5.2024 22:30:00 CEST | Press release

ZUG, May 17, 2024 (GLOBE NEWSWIRE) -- Oculis Holding AG (Nasdaq: OCS; XICE: OCS) (“Oculis” or the “Company”), a global biopharmaceutical company, has issued registered ordinary shares of the Company, each with a nominal value of CHF 0.01, issued out of existing capital band (Kapitalband), for an aggregate of 1,000,000 ordinary shares of the Company (the "New Shares"), recorded as treasury shares. The number of registered shares issued by the Company as per its Articles of Association is 46,443,700, of which 41.7 million shares are outstanding. The New Shares were issued following the Company and Leerink Partners LLC (”Leerink Partners”) entering into a sales agreement (the "Sales Agreement") with respect to an at-the-market offering program on May 8, 2024 under which the Company may offer and sell, from time to time at its sole discretion, ordinary shares of the Company having an aggregate offering price of up to $100 million through Leerink Partners as its sales agent. The Company is

HiddenA line styled icon from Orion Icon Library.Eye