Revenues jump 32pc at Irish arm of Iceland
Food retailer Iceland has confirmed plans to further expand its store network here as pre-tax losses more than halved last year to €364,000.
New accounts filed by Iceland Stores Ireland Ltd show that the pre-tax losses reduced from €771,000 to €364,000 in the 12 months to March 24 this year.
The firm secured the large reduction in losses after revenues increased by 32pc from €21.7m to €30.1m driven by the expansion of Iceland's store network, which now totals 16.
Iceland's Irish stores are located in Dublin (Ballyfermot, Coolock, Finglas, Navan Road, Northside Shopping Centre, Talbot Street, Tallaght), Carlow, Clonmel, Douglas, Galway, Letterkenny, Longford, Midleton, Tralee and Waterford.
Iceland closed seven stores in Ireland in 2005 due to poor trading conditions but the brand re-opened in 2009 under a different owner.
The directors state that the business continued to trade successfully.
"Two new stores opened and further sites are being sought for the current year," they state.
On the company's future developments, the directors state that they "are looking to expand the business by opening new stores in the next financial year".
The company made a post-tax loss of €263,000 after recording a tax credit of €101,000.
The expansion of the Iceland store network here resulted in the number of employees increasing from 170 to 226 made up of 209 in sales and 17 in 'Head Office'.
Staff costs last year increased by €940,000 from €2.95m to €3.89m.
The loss takes into account restructuring and legal costs totalling €30,000 and non-cash depreciation costs of €791,000.
Pay to directors last year increased sharply going from €161,000 to €233,000. The expansion of the store network resulted in operating lease payments increasing from €898,000 to €1.06m.
The company had a shareholders' deficit of €1.2m.
The firm's cash pile increased from €839,000 to €1.48m. The firm's UK parent, Iceland Foods Ltd, last year recorded pre-tax profits of £67.3m as revenues increased from £2.65bn to £2.77bn.