Additions
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 06/2004 |  | Þorvaldur Guðmundsson | FW | |||
| 01/2004 | | Freyr Alexandersson | DF |  | ÍR Reykjavík | ÍR |
| 01/2004 | | Þórarinn Borgþórsson | MF |  | IF Höttur | IF Höttur |
| 01/2004 | | Einar Guðnason | MF |  | Víkingur Reykjavík | Víkingur |
| 01/2004 | | Atli Heimisson | FW |
Departures
| from | Name | Pos | Team | Team | ||
|---|---|---|---|---|---|---|
| 01/2004 | | Þorvaldur Guðmundsson | FW | | Víkingur Reykjavík | Víkingur |
| 10/2003 | | Henning Jónasson | MF |  | KR Reykjavík | KR |
| 08/2003 | | Andri Birgisson | MF |  | Fylkir Reykjavík | Fylkir |