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Goodfellas Pizza Owner Forecasts Organic Revenue Growth Of 2.1% In FY 2019

Nomad Foods has forecast a 2.1% growth in organic revenue in its financial year 2019, according to a preliminary commentary released by the company.

The adjusted EBITDA for the period will amount to approximately €432 million, exceeding the high end of prior guidance, the Birds Eye parent said.

The company also projected a 1.7% growth in organic revenue and an adjusted EBITDA of €116 million in the fourth quarter ended 31 December 2019.

"Fourth quarter and full-year 2019 Adjusted EBITDA are expected to exceed our prior guidance, marking our third consecutive year of profitable organic revenue growth," said Stéfan Descheemaeker, chief executive officer of Nomad Foods.

Guidance 2020

The frozen food company foresees organic revenue growth in the low-single-digit range for 2020.

It expects to deliver "another year of growth" by exploring strategic opportunities such as the expansion of its plant-protein brand, Green Cuisine, across continental Europe.

"Backed by the power of our European infrastructure and its unique market positioning, Green Cuisine will fulfill consumers’ growing appetite for frozen meat-free food products that are not only better for the planet, but also better for them," Descheemaeker explained.

"We expect Green Cuisine to be highly complementary to our existing frozen fish and vegetable businesses and to generate at least €100 million in revenue by 2022."

Last Financial Report 

On 9th August last year, Nomad Foods Limited reported a 10% revenue increase to €538 million in its second quarter.

The Goodfellas pizza owner posted a €46 million profit for the period, according to its financial results for the three month period, ended June 30, 2019.

On the 24 April, Nomad Foods confirmed that it has completed its latest acquisition of Green Isle Foods Ltd - the manufactor and distributer of Goodfella's Pizza from a subsidiary of Boparan Holdings Ltd.

The deal was believed to be worth in the region of €225 million.

Revenue growth benefited 7.0% from acquisitions during the period, the company said.

© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.

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