Iceland Foods made a £17.1m loss in the year to 24 March, as it suffered an ‘unprecedented’ £94m increase in its annual energy costs.
Meanwhile, the frozen food retailer’s annual adjusted earnings before tax fell almost 17% from 2021 to £105.8m.
In September, Iceland was among several businesses that accused gas and electricity companies of profiteering and discrimination, having flagged concerns to Ofgem about the behaviour of its suppliers.
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However, adjusted EBITDA rose by £72.3m to £269m and sales hit £3.86bn, up from £.16bn in 2022 as a result of a “record-breaking Christmas” and 24 new store openings.
Iceland also noted that it had seen a “substantial reduction” in its cost base despite a rise in energy costs and it expects to be on course for profit growth in the following years.
This comes as Iceland has chosen not to release a Christmas TV ad and has instead decided to invest in supporting customers during the cost-of-living crisis.
In a statement to Grocery Gazette last week, executive chairman Richard Walker described the decision as a “no-brainer”.
