Iceland Seafood International (ISI) said its net loss doubled last year as the company absorbed an €18.8 million ($20.4 million) hit from its UK operations, which have since been sold to Danish seafood processor Espersen.
ISI posted a net loss of €20.3 million ($22 million) for 2023, compared with a loss of €10.2 million ($11.1 million) a year earlier, the company said late on Wednesday.
CEO Aegir Pall Fridbertsson said the company’s UK operations had played a “significant role” in its poor operating results over recent years, “generating a higher cost of capital for the company, not to mention the time spent by management on this case.”
