The major fishing and processing enterprise Iceland Seafood International (ISI) has adjusted its expected profits for 2020 down considerably since its last update, in light of the damage coronavirus has done to both its expansion plans and regular foodservice markets in the south of Europe.

As recently as March, ISI had been forecasting a lift in profits before tax for 2020 of 28-46%, which would equate to €14.5 million-€16.5m. This would have marked a significant step towards its long-term goal of €20m in annual profit within the next three to five years [...]