“Marel has grown by 29% in the last four years which represents an average annual revenue growth of 6.5%. This strong growth was realized during a period of challenging economic conditions. At the same time we have introduced a steady pipeline of new products and strengthened our sales and service network in all regions of the world.
“Marel is at the center point of prevailing trends which are driving global economic development. Poultry, meat and fish consumption is increasing due to urbanization and fast growing middle class globally. Equally important is the steady increase in demand for affordable and healthy convenience food.
“Our growth strategy is on track. We expect continued strong organic growth that will drive revenues to exceed 1 billion euros by 2017 with best in class profitability,” said Árni Oddur Thórdarson, chairman of the board of Marel in his address to the company’s AGM.
Furthermore he added; “Our largest segment that is serving the poultry processing industry on global basis is fast growing and already delivering best in class profitability. We do not exclude bolt on acquisitions to enhance further growth and profitability in the fish, meat and further processing segments.”
The Company’s Consolidated Financial Statements and the Report of the Board of Directors were approved unanimously by the meeting. Marel‘s total revenues for the year amounted to 714 million euros and the net profit amounted to 35.6 million euros. Marel will pay dividend of 7.1 million euros to shareholders which is equivalent to 20% of net profit of the year 2012.
Ann Elizabeth Savage was elected a new board director, replacing Fridrik Jóhannsson, who decided to step down after serving on the board since 2004.
The chairman extended warm gratitude for his great contribution to the growth story of Marel in recent years. A period were the company entered into successful strategic acquisitions to enhance further organic growth. The chairman welcomed Ann, who brings valuable new perspectives to the board based on her background and experience from the food industry.
Other board directors elected were Arnar Thor Másson, Árni Oddur Thórdarson, Ásthildur Margrét Otharsdóttir, Helgi Magnússon, Margrét Jónsdóttir and Theo Bruinsma.
Furthermore, the AGM approved amendments to the Company's Articles of Association to adopt rules on gender quota as provided for by Icelandic law.
The new board of directors has convened and assigned roles and responsibilities. Árni Oddur Thórdarson continues as chairman of the Board and Ásthildur Margrét Otharsdóttir as the vice-chairman of the board.