Iceland Seafood International (ISI) is chopping in half its profit guidance for 2020, expecting the coronavirus pandemic to have a “significant impact” on operations in the second quarter. But that painful recalibration hasn't changed the company's expansion strategy or the top executive's belief in the group's future.

In late February the company was guiding a profit before tax for the year of somewhere between €14.5 million ($16 million) to €16.5 million ($18.2 million), but the guidance now is set at somewhere between €6 million ($6.6