The Irish subsidiary of frozen food retailer Iceland saw losses narrow in the year to the end of March as turnover rose by a third.

The company, which currently operates 12 stores in Ireland, said losses before tax declined from €2.93 million to €771,000 on revenue that was up 32 per cent to €21.8 million.

Iceland closed seven stores in Ireland in 2005 due to poor trading conditions but the brand reopened here in 2009 under a different owner.

The retail chain said in 2014 that its plan to open up to 60 stores locally was being held back by difficulties acquiring suitable properties.

Seeking additional sites

Newly filed accounts show Iceland, which has opened two stores so far this year, in Coolock and Clonmel, is still seeking additional sites. The company says it expects to have up to 18 stores opened here by the end of next year,

Iceland currently employs about 250 people in Ireland. For the 12 months to March 25th, a period in which it had 170 staff, employment costs totalled €2.96 million, up from €2.4 million a year earlier.

Stock recognised in cost of sales during the year as an expense was €14.2 million, compared with €11 million a year earlier. An impairment loss of €173,000 was also recognised in cost of sales against stock due to slow-moving and/or obsolete products.

The cost of the business to key management figures was estimated at £175,885, up from £75,182 in the preceding year.

Iceland's parent, which was established by chief executive Malcolm Walker in 1969, operates more than 850 stores in Britain, with a further 40 owned or franchised stores across Europe

The group reported an increase in adjusted earnings before interest, taxes, depreciation, and amortisation to £150.5 million and higher cash balances of £164.9 million for the year ending March 25th.