Turnaround in 2014 Financial Results
Mannvit‘s financial results for 2014 reflect a growth in foreign markets that has created greater stability and brought about a turnaround in operations. Mannvit has responded to slow domestic market growth by increasing its overseas operations. “In 2014, a third of the turnover came from overseas, which is an increase if you look back two or three years in time“ says Jón Már Halldórsson, Chairman of the Board. Sigurhjörtur Sigfússon, who took over as CEO in 2015 from Eyjólfur A. Rafnsson, says the company sees growth opportunities abroad and in Iceland, adding “today we operate sixteen offices in six countries, with Greenland set to become the seventh country in 2015.”
Revenue up by 4%
Performance was in line with expectations. Targeted marketing efforts and cost reductions resulted in a turnaround of some ISK 700 million [US$5.5 million]. The group’s income in 2014 was ISK 5.2 billion, up 4% on the previous year. Eyjólfur A. Rafnsson, now Director of Industry, says “the project development work is yelding results, but it is a long-term process.”