Acquisitions build retail group
Icelandic company Baugur has unveiled pre-tax profits of£257 million for last year.

The group, whose UK businesses include Mosaic, Iceland and Whittard of Chelsea, upped shareholder equity to£578 million in 2005.

Baugur group chief executive Jón Ásgeir Jóhannesson said the performance of the 30 companies in which Baugur is a primary shareholder was satisfying.

He said: 'This shows how successful we have been in the past few years. Our diversification is now much greater, both geographically and in terms of the number of strong retail, real estate, investment, telecom and media companies we have invested in.

'The only way to come out ahead in competition is to attempt constantly to serve the customer better than others. This has been our guiding principle in all our business activities.'

Topics