UK's Iceland to Change Name

LONDON - UK frozen foods retailer Iceland said today it would resume dividend payments and change its name to The Big Food Group, the Financial Times reported. The company made the announcement as it released interim results.

Iceland reported that pre-tax profits before goodwill amortisation and exceptionals fell sharply to #16.7 million ($23.8 million). Turnover rose to #2.4bn, reflecting the company?s acquisition of Booker, its wholesale subsidiary, last year.

Like-for-like sales were 1.9 per cent lower in the 24 weeks to September 15, but were 0.1 percent up in the first nine weeks of the second half. "We have now stabilized the sales performance of Iceland Foods and the profitability of the group," said Bill Grimsey, chief executive.

Grimsey was brought in this year to turn around the ailing business, which has issued a series of profit warnings.
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