Food retailer Iceland reports 63% jump in revenue of Irish operation

Frozen food retailer Iceland, which is engaged in a major expansion drive in Ireland, reported a 63 per cent rise in turnover at its Irish operation last year as it opened nine new stores.

The group recorded revenue of €49.2 million for the 12 months ending March 24th this year. This compares with €30.1 million a year earlier and to €21.7 million for the 12 months ending March 25th, 2016.

Despite the jump in turnover, pretax losses widened over the year, climbing from €364,00 to €694,000.

The company, which now has 23 outlets in Ireland, has previously said it intends to open up to 60 stores in Ireland.

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Recently-filed accounts show the company employed 369 people in the 12 months to the end of March, up from 226 a year earlier.

Staff costs totalled €6.4 million, as against €3.9 million in the previous year.

The parent group in the UK took back the Irish franchise from its previous owner in 2013.

The retail chain was founded by Malcolm Walker in 1970 and now has more than 900 stores in the UK with a further 40 owned or franchised stores across Europe. Group sales climbed 8 per cent in the 12 months to March 30th to £3 billion.