Booker and Iceland set to merge
01 June 2000
Booker and supermarket chain Iceland have announced a recommended all-share merger to create a group worth £960m with annual sales of £5.5b.
The announcement coincided with Booker's revelation that it had boosted its pre-tax profits to £35.4m in the year to 25 March, up from £3.6m for the 65 weeks to 27 March 1999.
However, after exceptional charges of £150.5m, it made a pre-tax loss of £115.1m, down from the £146.8m loss of the preceding 15 months.
Turnover dropped to £3.7b (from £6.1b the previous period).
The company has sold most non-core businesses, including catering supply business Booker Foodservice, to focus on its cash and carry outlets, which more than doubled operating profits to £62.4m.
