Iceland posts £17m full-year loss amid soaring energy prices
It comes as the group saw a £93.6m rise in energy costs, which it attributed to the global surge in wholesale prices following Russia’s invasion of Ukraine
Iceland has fallen to a loss of £17.1m in its latest full-year results following a “wholly unprecedented” rise in global energy costs.
It comes as the group saw a £93.6m rise in energy costs, which it attributed to the global surge in wholesale prices following Russia’s invasion of Ukraine.
Nonetheless, in the year ended 24 March 2023, sales rose by 7.2% to £3.86m, up from £3.6m the prior year, having been boosted by 24 new store openings over the period, a net increase of six after closures.
The supermarket also reported “record-breaking” Christmas sales in its third quarter of trading and traded ahead of the market in its final quarter.
Adjusted EBITDA fell to £105.8m however, down from £127.1m, though this was at the top end of expectations.
In a new filing on Companies House, the group’s owners said: “The group made very strong progress during the year, with our sales growth, cost saving and efficiency programmes offsetting the majority of the substantial inflationary pressures we faced during the year including the unprecedented rise in global energy costs.
“Although there was a decrease in Adjusted EBITDA for the year, we achieved a very substantial reduction in our underlying cost base that created a strong platform for the delivery of increased profits in the future. The group remains financially robust, with cash balances increasing year-on-year.”