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Iceland looks set to reveal red hot profit amidst supermarket surveillance
Iceland has revealed forecasts that would mean the frozen food chain makes its highest profit in a decade this year, according to The Times.
Iceland said last week in a set of financial results shared with bondholders that this year’s underlying profit will likely be its strongest in ten years.
The news comes as supermarkets face pressure from the government over profiteering and ‘greedflation’ claims, due to food price inflation.
Iceland however have pinned down their success to cost-cutting measures and sales growth.
Last year Iceland’s sales rose 6.9 per cent to £3.7bn but underlying profits fell by £20.7m to £120.2m due to energy costs.
City A.M. has contacted Iceland for comment.