Iceland's record profit amid buyout

Iceland Foods has toasted record profits for the seventh-consecutive year, despite the distraction of the protracted £1.55bn management buyout led by its chief executive, Malcolm Walker.

The frozen-food specialist delivered underlying sales up 6 per cent over the 53 weeks to 30 March. This helped drive a 19 per cent jump in its net profit to £184.3m, excluding exceptional items.

Mr Walker and his team completed a £1.55bn management buyout in early March.