Iceland makes 'good progress' according to CEO
The business was renamed Iceland Manufacturing Limited in April 2013. According to Malcolm Walker, Iceland chairman and chief executive, "This strategic acquisition of a key supplier was designed to strengthen our competitive edge further by enabling us to accelerate the rate of product innovation and to secure the benefits of vertical integration."
On 29 September 2012 Iceland Foods completed the disposal of 54 Cooltrader stores to Heron Foods Limited. A further three Cooltrader stores were retained and converted to the Iceland fascia. According to Walker, "The business, though profitable, offered limited opportunities for future growth and we felt that it was right to focus all our efforts on the growth and development of the Iceland brand."
The Group opened 36 new Iceland stores during the period and closed three, making for a total of 790 Iceland stores at year-end. A further 40 new Iceland Stores are planned for the rest of 2013, with the online offering set to expand also. “We will offer our customers the ability to shop with us online, building on the successful initial trials of the service in selected stores that began last month," Walker commented.
Commenting on the results, he said, "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."
Source: www.esmmagazine.com
