Iceland stores expansion boosts revenue to €49m

Food retailer Iceland has confirmed plans to open more Irish outlets even as pre-tax losses almost doubled to €694,000.

Iceland stores expansion boosts revenue to €49m

By Gordon Deegan

Food retailer Iceland has confirmed plans to open more Irish outlets even as pre-tax losses almost doubled to €694,000.

New accounts filed by Iceland Stores Ireland Ltd show revenues rose 63% to €49.23m in the 12 months to the end of March.

The directors of the company said the Iceland food retail business in Ireland continued to trade successfully. It had opened nine new stores, operates 22 outlets, and “further sites are being sought for the current year”, they said.

Iceland closed seven stores in Ireland in 2005 amid poor trading but it reopened four years later. It had accumulated losses of €4.8m here.

Its outlets include several in Dublin, as well as Ballincollig Co Cork, Co Carlow, Clonmel Co Tipperary, Fermoy Co Cork, Co Galway, Letterkenny Co Donegal, Co Limerick, and Co Waterford.

The company made an after-tax loss of €676,000, including a tax credit of €18,000.

Its expansion has boosted staff numbers to 369, including 345 in sales and 24 employed at its main office. Staff costs last year rose from €3.89m to €6.42m and its lease payments increased from €1.06m to €1.83m. Pay to directors was unchanged at €251,000.

The firm’s cashpile rose from €1.48m to €2m. Its cost of sales increased from €21.54m to €35m while administrative expenses rose from €8.97m to €14.88m.

The firm’s parent, the UK-based Iceland Foods posted pre-tax profits of £32.8m (€36.9m) on revenues of £2.97bn

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