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Gloucestershire Business News

Iceland to be hit by £140m energy bill

Frozen food specialist Iceland will be hit by massive energy bills this year, because of its reliance on freezers.

The discount supermarket, which has stores in Cheltenham, Stroud and Gloucester, had a £70m energy bill last year, equivalent to around two per cent of its sales, as reported by the Daily Mail.

In the first quarter of this year, its bill has already jumped by £19m, suggesting it is on course to more than double last year's total.

In its most recent annual report, Iceland said the increasing energy prices mean it will be 'unable to avoid a temporary reduction in profits' this year.

Iceland made £126m in profits last year, which is expected to fall below £100m this year, as it won't be able to fully pass on the increasing energy costs.

But Iceland is still confident it can get back on track, by picking up more shoppers moving from fresh to frozen products to save money.

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