Iceland announces 18.5% rise in net profits


Frozen food chain Iceland has reported record net profits of £184.3m, a rise of 18.5% on last year's figures, the seventh consecutive set of record results.

The company, which employs about 22,000 people, said sales were up 9.4% to £2.6bn, compared to £2.3bn last year.

Chairman and chief executive Malcolm Walker and his colleagues completed a £1.55bn management buyout of the firm in March. Mr Walker commented, 'It is fantastic to be able to report the seventh consecutive set of record results since I returned to the business in 2005.'

The firm also opened 16 new Iceland stores and five under the Cooltrader chain last year, creating 1,000 jobs. The group now operates 814 stores nationwide.