STRONG PERFORMANCE RECOVERY - REFINANCING COMPLETED - POSITIVE OUTLOOK
Highlights
• EBITDA* up significantly 24.6% to £135.1 million in 2009, exceeding the
Group's target by £5.1 million
• Much improved EBITDA* margin in 2009 at 8.2% compared to 6.7% in 2008
- improved further in Q4 to 8.7%
• Significant profit turnaround of £142.4 million in the year, with loss
for the year of £11.8 million compared with a £154.2 million loss in 2008
• Considerable increase in free cashflow to £68.3 million in the year compared
with a £34.0 million outflow last year, an improvement of £102.3 million
• Operational restructuring activity undertaken in 2008-2009 significantly
improved Group profitability - performance in UK fresh prepared foods
business particularly strong, 5% sales growth
• EBITDA forcast to amount to c. £29 million in Q1 2010, up 53%. This will
result in EBITDA twelve-month run-rate of c. £145 million
• The Group has been fully refinanced following an agreement with the lenders
to the Icelandic holding company
Commenting on the results Ágúst Gudmundsson, Chief Executive Officer, said:
Our 2009 results demonstrate a strong improvement in profit delivery, good
sales growth in our key UK fresh prepared foods business and a return to
significant cash generation. After two years of considerable effort to return
the business to more expected performance levels we are very optimistic about
our future prospects.
I am also pleased to report that the Group has now been fully refinanced
following an agreement with the lenders to the Icelandic holding company. This
agreement deleverages the Group considerably with around half of the debt
converting into equity and the remainder extended until 2014. Following the
successful refinancing of the operating businesses early last year the Group
has a secure financial platform from which to grow.
Key Contacts:
Ágúst Gudmundsson,
CEO
Tel: +354 550 9700
Richard Howes
CFO
Tel: +354 550 9700
Charlie Armitstead / Hazel Stevenson
Financial Dynamics
Tel: +44 207 269 7275
*EBITDA excluding restructuring costs
** Adjusted to reflect sales resigned in restructuring process
