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Icelandic Group - Profit Warning   5.7.2005 12:39:53
News categories: Profit warnings      Íslenska  English
The integration of the operations of Icelandic Group hf

The integration of the operations of Icelandic Group hf. and Blue Ice is currently taking place as well as comprehensive planning for the merged company. Concurrently the review of the operating budgets for the latter half of the year 2005 along with the budget for the year 2006. The plans and the Group's future vision are expected to be introduced to parties on the market at the end of August along with the publication of the Interim Financial Statements June 30, 2005. 


The operations of Icelandic Group for the first six months of the year have not been according to expectations mainly according to deviations in the US and integration cost relating to the Company's operations. A contract regarding termination of employment was concluded with the former CEO of Icelandic Group and the cost in relation thereto is expensed during the second quarter.


According to the Company's publication plan the Company's Interim Financial Statements at June 30, 2005 would be published on August 5. Due to work in relation to the merger a decision has been made to postpone the publication until August 31, 2005.


For further information please contact Mr. Thorolfur Arnason, CEO of Icelandic Group hf., telephone + 354 560-7800.



Reykjavík, July 5 2005.

Icelandic Group hf.